Margaret,a single taxpayer,operates a small pottery activity in her spare time.During the current year,she reported the following income and expenses from this activity which is classified as a hobby: 
In addition,she had salary of $75,000 and itemized deductions,not including those listed above,of $2,200.
What is the amount of her taxable income?
Definitions:
Nonexcludability
A characteristic of certain goods or services where it is not feasible to exclude individuals from using the good or service, regardless of whether they have paid for it.
Negative Externality
A cost experienced by a third party not involved in the economic transaction, such as pollution affecting residents near a factory.
Spillover Cost
A cost incurred by someone who did not choose to incur that cost.
Allocative Efficiency
A state of the market where resources are allocated in a way that maximizes the net benefit to society.
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