Alex, who is single, conducts an activity in 2018 that is appropriately classified as a hobby. The activity produces the following revenues and expenses: Revenue Property taxes Materials and supplies Utilities Advertising Insurance Depreciation $18,000 3,000 4,500 2,000 5,000 750 4,000 Without regard to this activity, Alex's AGI is $42,000 Determine the amount of Alex's taxable income assuming he has no other itemized deductions. The standard deduction for single taxpayers is $12,000 Taxable income: 39,150 | X