In: Accounting
Problem 11-37 (LO. 7)
Alex, who is single, conducts an activity in 2019 that is classified as a hobby. The activity produces the following revenues and expenses.
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Without regard to this hobby, Alex's AGI is $42,000.
Determine the amount of gross income that Alex must report and the amount of expenses he is permitted to deduct. Assume Alex itemizes his deductions.
Reportable income: $
Deductible expenses: $