Hobby Activity Expenses Are Deductible from AGI to the Extent

question 96

True/False

Hobby activity expenses are deductible from AGI to the extent of hobby income. Such expenses not in excess of hobby income are not subject to the 2%-of-AGI floor.

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Definitions:

Genetic Disorder

A disease or condition caused by an abnormality in an individual's DNA, ranging from minor to major in its effects.

Tay-Sachs Disease

A genetic disorder that results in the destruction of nerve cells in the brain and spinal cord.

Heterozygous

Having two different alleles for a particular gene, one inherited from each parent.

Huntington's Disease

A hereditary neurodegenerative disorder characterized by motor, cognitive, and psychiatric symptoms.