TB MC Qu. 06-67 (Static) Glenn is an accountant who races stock cars... Glenn is an accountant who races stock cars as a hobby. This year Glenn was paid a salary of $80,000 from his employer and won $2,000 in various races. What is the effect of the racing activities on Glenn's taxable income if Glenn has also incurred $4,200 of hobby expenses this year? Assume that Glenn itemizes his deductions. Multiple Choice Increase in taxable income of $2,000 Decrease in taxable income of $560 Increase in taxable income of $1,640 Decrease in taxable income of $2,200 No change in taxable income