LO.3 Alex, who is single, conducts an activity that is appropriately classified as a hobby. The activity
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LO.3 Alex, who is single, conducts an activity that is appropriately classified as a hobby.
The activity produces the following revenues and expenses:
Revenue $18,000 Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Depreciation 4,000 Without regard to this activity, Alex’s AGI is $42,000. Determine the amount of income Alex must report, the amount of the expenses he is permitted to deduct, and his taxable income.
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Related Book For 
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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