ap 3 please help..... deductions Calvin should report for 2021 with respect to the rabbit raising activities?More infoXItemAmountSale of rabbits for breeding stock$700Prizes and awards330Property taxes on rabbit hutches(190)Feed(620)Veterinary fees(540)Depreciation on rabbit hutches(380)Done Calvin, a dentist, raises prize rabbits for breeding and showing purposes. Assume that the activity is determined to be a hobby. During 2021, the activity generatesthe following items of income and expense:(Click the icon to view the data.)Read the requirements.1 Requirement a. What is the total amount of income and deductions Calvin should report for 2021 with respect to the rabbit raising activities?BCalvin's total income is9 Calvin's total deduction is455esti1)94/1D/1)

Calvin's Income Sale of rabbits for breeding stock$700Prizes and awards$330Total Income: $700 +…

Answered: deductions Calvin should report for…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 6P: Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total...

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