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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
43.            Â
Harold conducts a business with the following results for the year:
Â
|
Revenue |
$20,000 |
|
Depreciation on car |
3,960 |
|
Operating expenses of car |
3,100 |
|
Rent |
6,000 |
|
Wages |
8,200 |
|
Amortization of intangibles |
680 |
Harold estimates that due to a depressed real estate market, the value of land owned by the business declined by $5,200.
a.     Calculate the effect of Harold’s business on his AGI.
b.    How would your answer in part (a) change if the activity was a hobby?
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