Question: During the current year, Paul, a single taxpayer, reported the following items: Salary $75,000 Revenue from hobby 5,000 Interest expense on original loan incurred to

During the current year, Paul, a single taxpayer, reported the following items:

Salary $75,000

Revenue from hobby 5,000

Interest expense on original loan incurred to purchase home 11,000

Taxes on home 6,700

State income taxes paid 4,300

Expenses of hobby 8,500

Compute Paul's taxable income for the year.

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