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  3. 4. ralph, a doctor, enjoyed growing vegetables as

4. Ralph, a doctor, enjoyed growing vegetables as a hobby. During the course of 2021,...

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Accounting

4. Ralph, a doctor, enjoyed growing vegetables as a hobby. During the course of 2021, he earned $250,000 from his medical practice and had revenue from his hobby of $4,000. His expenses related to his hobby were as follows:

Property taxes on his land used in the hobby: $1,000

Seed and Fertilizer: $1,000

Depreciation on equipment used: $5,000

(a) What is Ralph's AGI?

(b) What is the amount of his itemized deductions related to the hobby? (hint: the seeds, fertilizers and depreciation are miscellaneous itemized deductions)

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