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Calculate the effect of Jamari business on his AGI

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Reference no: EM132666851

Problem - Jamari Peters (Social Security number 123-45-6789) conducts a business with the following results in 2019:

Revenue $20,000

Depreciation on car 3,960

Operating expenses of car 3,100

Rent 6,000

Wages 8,200

Amortization of intangibles 680

Jamari estimates that due to a depressed real estate market, the value of land owned by the business declined by $5,200.

Required -

a. Calculate the effect of Jamari's business on his AGI.

b. How would your answer in part (a) change if the activity was a hobby?

Reference no: EM132666851

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