Clipping or slicing a shape

If you have a shape, or anything really, is there a way to clip or slice off a corner or small part of the shape by drawing a line and then removing the unwanted portion? Kind of like an eraser tool would do.

Create a shape that you will use as a cutter. Position the shape appropriately. Then first select what you want to cut, then the last selection should be the cutter.

Then Tools->Cut Shapes.

Awe damn! The solution was right in front of me! Thanks for bringing it to light. Problem solved!

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