Problem 6-44 (LO. 3) Jamari Peters (Social Security number 123-45-6789) operates a business with the following results in 2023: Jamari estimates that due to a depressed real estate market, the value of land owned by the business declined by $5,200. a. Calculate the effect of Jamari's business on his AGI. Jamari's business has of $ which is reported on his tax return. Feedback Check My Work Business or investment expenses are deductible only if the taxpayer can show that the activity was entered into for the purpose of making a profit. However, certain activities may have either profit-seeking or personal attributes, depending upon individual circumstances. b. How would your answer in part (a) change if the activity was a hobby? If the activity was a hobby, Jamari will report \$ X as income. Of his expenses, $ are deductible on his tax return