eBook Calculator Problem 6-45 (LO. 3) Alex, who is single, conducts an activity in 2020 that is appropriately classified as a hobby. The activity produces the following revenues and expenses: Revenue Property taxes Materials and supplies $18,000 3,000 4,500 2,000 Utilities Advertising Insurance 5,000 750 Depreciation 4,000 Without regard to this activity, Alex's AG is $42,000. Determine the amount of income Alex must report and the amount of the expenses he is permitted to deduct. Assume Alex temizes his deductions. 48,000 x Reportable income: $ Deductible expenses: Check Business or investment expenses are deductible only if the taxpayer can show that the activity was entered into for the purpose of making profit. Certain activities may have either profit-seeking or personal attributes, depending upon individual circumstances. Check My Work 2 more Choo My Work uses. Teman o acer