Chuck a dentist raises prize rabbits for breeding and

Reference no: EM13607541

Chuck, a dentist, raises prize rabbits for breeding and showing purposes. Assume that the activity is determined to be a hobby. During the year the activity generates the following items of income and expense: Item Amount Sale of rabbits for breeding stock $800 Prizes and awards 300 Property taxes on rabbit hutches 200 Feed 600 Veterinary fees 500 Depreciation on rabbit hutches 250

Required:

a. What is the total amount of deductions Chuck may take during the year with respect to the rabbit raising activity?

b. Identify which expenses may be deducted and indicate whether they are deductions for or from AGI. c. By what amount is the cost basis of the rabbit hutches to be reduced for the year?

Reference no: EM13607541

Questions Cloud

A student observes the elevator usage of a building with a : a student observes the elevator usage of a building with a single elevator. this elevator will only allow people to go

Calculate the bulk density of a rock which has 20 porosity : calculate the bulk density of a rock which has 20 porosity. the bulk mineralogy of the rock is 80 quartz 15 calcite and

What must the bandwidth be for a radar system which uses : what must the bandwidth be for a radar system which uses pulse widths of .1 us? if this radar is used for determining

Jones co can futher process product b to produce product c : jones co. can futher process product b to produce product c. product b is currently elling for 31.00 per pound and

Chuck a dentist raises prize rabbits for breeding and : chuck a dentist raises prize rabbits for breeding and showing purposes. assume that the activity is determined to be a

If the elevation points a and b relative to the elevation : a contractor is required to prepare a soil surface so that its planar and the normal direction to the surface is within

Apoint charge q1 460 nc is located at the x-axis at x : a point charge q1 4.60 nc is located at the x-axis at x 2.00 m and a second point charge q2 -4.50 nc is on the

Espinosa corp had 104529300 in invested asstes sales of : espinosa corp. had 1045293.00 in invested asstes sales of 1287615.00 income from operations amounitng to 216824.00 and

Indicate how much if any revenue should be recognized on : on december 31 2012 grando company sells production equipment to fargo inc. for 50900. grando includes a 1-year

User Account

All Pages