17 Jerry collects baseball cards as a hobby . During the current year , he acquired twenty - five different items at a total cost of $29 550 . During the year , he sold each of those items and received total proceeds of $5 5 900 . What is the effect of these transactions on Jerry's Net Income For Tax Purposes ? A Jerry has a taxable capital gain of $26 , 350 B Jerry has a taxable capital gain of 13 175 C Jerry has business income of $ 26 350 D Because the collection was a hobby , the gain does not have to be included in Net Income For Tax