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What is the amount of income and expense Kana recognizes

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Reference no: EM132674525

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 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?

Reference no: EM132674525

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