The following is a hobby: Income $18,000 Interest and property taxes allocable to hobby $ 8,000 Depreciation $ 4,000 Supplies and fees $ 7,000 In order to calculate the net income from the hobby, the order of the deductions is:

The amount of the allowable depreciation deduction is:

The net income or loss from the hobby is:

If this activity were a business rather than a hobby, the net income or loss from the activity would be: