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7 Calculate the net income includible in taxable income for the following hobby: Income $23,000 Mortgage interest and property taxes allocable to hobby 12,000 Depreciation

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Calculate the net income includible in taxable income for the following hobby: Income $23,000 Mortgage interest and property taxes allocable to hobby 12,000 Depreciation 4,000 Supplies and fees 7,000 Telephone for hobby 3,000

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