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  3. joe had revenue of $1,000, and expenses of $21,000

Joe had revenue of $1,000, and expenses of $21,000 from an activity. He also had...

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Accounting

Joe had revenue of $1,000, and expenses of $21,000 from an activity. He also had wages of $100,000. If the activity is classified as a business, what would be Joes AGI? If the IRS were later to successfully challenge that the activity is a hobby, what would be Joes AGI?

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