Thomas is a nurse who repairs and sells bicycles. Thomas spends 20 hours a week repairing and selling bicycles. This year, he sold bicycles for $50,000. His expenses included bicycle parts costing $22,000 and tools costing $7,000 5. If Thomas reports his bicycle activity as a hobby, how much income must he declare? 6. If Thomas reports his bicycle activity as a trade or business, how much income must he declare