Charlie, a dentist, raises prize rabbits for breeding and showing purposes. Assume that the activity is determined to be a hobby. During the current year, the activity generates the following items of income and expense: View the data. Read the requirements. Requirement a. What is the total amount of income and deductions Charlie should report for the current year with respect to the rabbit raising activities? Charlie's total income is Charlie's total deduction is \begin{tabular}{|l|c|} \hline Item & Amount \\ \hline Sale of rabbits for breeding stock & $1.000 \\ Prizes and awards & 270 \\ Property taxes on rabbit hutches & (230) \\ Feed & (630) \\ Veterinary fees & (530) \\ Depreciation on rabbit hutches & (280) \\ \hline \end{tabular} a. What is the total amount of income and deductions Charlie should report for the current year with respect to the rabbit raising activities? b. Identify which expenses may be deducted and indicate whether they are deductions for or from AGI. c. By what amount is the cost basis of the rabbit hutches to be reduced for the year