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Augustus1 Augustus1
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7 years ago
Juanita knits blankets as a hobby and sells them. In the current year, she earns $5,000 from her blanket sales and incurs expenses of $600. Juanita does not itemize deductions. On her tax return, she should
A) report $5,000 of hobby income and deduct $500 of hobby expenses from AGI.
B) report $5,000 of hobby income and deduct $400 of hobby expenses for AGI.
C) report $5,000 of hobby income and deduct nothing from AGI since Juanita does not itemize deductions.
D) report no hobby income and no hobby deductions.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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Augustus1 Author
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#2
7 years ago
I needed this so bad, I'm laughing right now from happiness
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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