Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 May 2018 My Price 5.00

full-time biochemist

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Penny, a full-time biochemist, loves stock car racing. To feed her passion, she bought a used dirt-track car and has started entering some local dirt-track races. The prize money is pretty small ($1,000 for the winner), but she really is not in it for the money. Penny reported the following income and expenses from her nights at the track:

Prize money $3,580

Transportation from her home to the races 1,630

Depreciation on the dirt-track car 4,180

Entry fees 3,200

Oil, gas, supplies, repairs for the dirt-track car 2,350

Calculate Penny’s deduction for the racing expenses assuming that the racing activity is a hobby, and Penny’s AGI is $96,620 before considering the prize money.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 May 2018 03:05 PM My Price 5.00

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