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45. L0.3 Alex, who is single, conducts an activity in the current year that is...

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Accounting

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45. L0.3 Alex, who is single, conducts an activity in the current year that is appropriately classified as a hobby. The activity produces the following revenues and expenses: Without regard to this activity, Alex's AGI is $62,000. Determine the amount of income Alex must report and the amount of the expenses he is permitted to deduct

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