(Work Space In Home Costs And CCA) Billy Jow is a music instructor at a local high school in your area. He is employed by the school board and earns approximately $70,000 annually. To supplement his income, Billy started to teach music on April 1, 2020, to a number of children in the neighbourhood in the evenings and on weekends. Billy comes to you for advice on how he should report this supplementary teaching income and what expenses are deductible. Billy does not mind paying his fair share of income taxes, but he wants to pay no more than he has to. From discussions with friends, he understands that he may be entitled to claim a portion of the costs of his home. Since he was not using the den in his home, he decided to use it for this supplementary teaching. His home is approximately 2,000 square feet in size. The den is approximately 200 square feet. From April 1, 2020, to December 31, 2020, Billy earned $5,700 in music fees. He has chosen December 31 as his year end and has incurred the following costs since April 1: Purchase Of Music Books $ 250 Supplies (Paper, Pens, Etc.) 1,000 Tuxedo For Students' Performances 350 Snacks For Students (Cookies, Pretzels, Candies, Milk, Etc.) 250 Utilities For Home (Heat, Light, And Water) 3,500 Mortgage Interest Paid Repairs And Maintenance For Home 11,000 Software Program To Assist In Teaching Music 2,600 Electric Piano And Bench 300 Total 5,000 $24,250 Billy is currently using the software program on an old computer that he uses mainly to watch Youtube videos. He is considering the purchase of a new computer solely for teaching purposes if the teaching generates enough income. Required: A. Briefly explain when expenses for a work space in the home are deductible. B. Based on the information given, compute the minimum net business income or loss that Billy should report in his 2020 personal income tax return