This year Jack intends to file a married-joint return. Jack received $168,600 of salary and paid $6,950 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $5,550 and $31,800 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is Jack's adjusted gross income? b. Suppose that Jack also reported income of $12,650 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Penny, a full-time biochemist, loves stock car racing. To feed her passion, she bought a used dirt-track car and has started entering some local dirt-track races. The prize money is pretty small ($1,000 for the winner), but she really is not in it for the money. Penny reported the following income and expenses from her nights at the track: Prize money $2,980 Expenses: Transportation from her home to the races 1,370 Depreciation on the dirt-track car 5,140 Entry fees 3,400 Oil, gas, supplies, repairs for the dirt-track car 2,250 What are the tax effects of Pennys racing income and expenses assuming that the racing activity is a hobby for Penny?