Business, 31.12.2019 03:31 biancasamadp3usfw
Alex, who is single, conducts an activity in 2016 that is appropriately classified as a hobby. the activity produces the following revenues and expenses:
revenue $18,000
property taxes 3,000
materials and supplies 4,500
utilities 2,000
advertising 5,000
insurance 750
depreciation 4,000
without regard to this activity, alex’s agi is $42,000. determine the amount of income alex must report, the amount of the expenses he is permitted to deduct, and his taxable income.
Answers: 2
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Alex, who is single, conducts an activity in 2016 that is appropriately classified as a hobby. the a...
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