Larry and Darryl are partners of LD Accounting Services. This year their partnership earned a net income of 500,000. In addition, during the year, both Larry and Darryl also took out withdrawals of 50,000 each. For the taxation year, how much does Larry and Darryl have to include on their personal income tax returns as business income?
1) 300,000
2) 150,000
3) 250,000
4) 200,000