Jamari Peters $($Social Security number $123-45-6789)$ operates a business with the following results in $2024$:

Revenue$$20,000$Depreciation on car$3,960$Operating expenses of car$3,100$Rent$6,000$Wages$8,200$Amortization of intangibles$680$

Jamari estimates that due to a real estate market impacted by much higher interest rates, the value of land owned by the business declined by $$5,200.$

Question Content Area

a$.$Calculate the effect of Jamari's business on his AGI. How would your answer in part $($a$)$ change if the activity was a hobby?