Abigail is an accountant who races stock cars as a hobby. Th…
Abigail is an accountant who races stock cars as a hobby. This year Abigail was paid a salary of $80,000 from her employer and won $2,000 in various races. Assume that Abigail itemizes her deductions.What is the effect of the racing activities on Abigail’s taxable income if Abigail has also incurred $4,200 of hobby expenses this year?