g Alex, single, earns wags of $42,000 in 2020. He also conducts an activity that produces the following revenues and expenses: Revenues $18,000 Expenses Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Cost Recovery 8,000 Alex also pays mortgage interest during the year of $8,000. 1. Assuming the activity is a business, Alex' 2019 AGI is $ and his taxable income is $ . 2. Assuming the activity is NOT a business, Alex' 2019 AGI is $ and his taxable income is $ .

S. you are changing planes in london for a flight to paris where you will connect with your flight to capetown. you are picking up reading material for the flight and are looking at the prices listed on the economist magazine which conveniently lists prices in several different global currencies. you note that the price in pounds is 2.40 pounds and the price in euros is 2 euros. the exchange rate for the dollar (your credit card was issued in the usa) is $1.59/pound and s1.3837/euro. should you buy reading materials now or wait until you're in paris?