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Glenn is an accountant who races stock cars as a hobby. This year Glenn was paid a salary of $91,000 from his employer and won
Glenn is an accountant who races stock cars as a hobby. This year Glenn was paid a salary of $91,000 from his employer and won $3,100 in various races. What is the effect of the racing activities on Glenn's taxable income if Glenn has also incurred $5,300 of hobby expenses this year? Assume that Glenn itemizes his deductions but has no other miscellaneous itemized deductions.
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