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What is the amount of income and expense Kana recognizes

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Problem - Kana is a CPA who loves chinchillas. She breeds chinchillas as pets (she currently owns thirteen of them) and every so often sells a baby chinchilla to a suitable family to keep as a pet. In the current year, she sells $250 worth of chinchillas and incurs the following expenses:

Chinchilla breeding cages $ 300

Advertising for chinchilla sales 2,500

This activity is considered a hobby. Kana has adjusted gross income of $72,000. What is the amount of income and expense Kana recognizes (assume she itemizes deductions) associated with her chinchilla hobby if the current year is 2018?

Reference no: EM132705362

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