A full-time biochemist loves stock car racing to feed her

Reference no: EM13601256

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 $2,500 Expenses: Transportation from her home to the races 1,000 Depreciation on the dirt track car 4,000 Entry fees 3,500 Oil, gas, supplies, repairs for the dirt track car 2,050 Calculate Penny's deduction for the racing expenses assuming that the racing activity is a hobby, and Penny's AGI is $97,500 before considering the prize money.

Reference no: EM13601256

Questions Cloud

Irving music shop gives its customers coupons redeemable : irving music shop gives its customers coupons redeemable for a poster plus a dixie chicks cd. one coupon is issued for

Under what circumstances is it appropriate to record : under what circumstances is it appropriate to record goodwill in the accounts? how should goodwill properly recorded on

Prepare the entry for the initial borrowing and the : on may 15 gruziks outback clothiers borrowed some money on a 4-month note to provide cash during the slow season of the

Intangible assets may be internally generated or purchased : intangible assets may be internally generated or purchased from another party. in either case the cost that should be

A full-time biochemist loves stock car racing to feed her : a full-time biochemist loves stock car racing. to feed her passion she bought a used dirt track car and has started

Engles oil company is considering investing in a new oil : engles oil company is considering investing in a new oil well. it is expected that the oil well will increase annual

During 2011 madison company applied overhead using a : during 2011 madison company applied overhead using a job-order costing system at a rate of 12 per direct labor hours.

The balance of a prepaid journal account is before : the balance of a prepaid journal account is before adjustment at the end of the year is 6175. journalize the entry when

Select a business in your community or online and obseve : select a business in your community or online and obseve its internal controls over cash receipts and cash payments.

User Account

All Pages