Archie Smith works full-time as a dentist.He lives on an acreage where he raises chickens.He sells the chickens' eggs at local markets.During the current year,Archie incurred farm expenses totalling $8,500 and received $5,200 in farm revenues from the sale of eggs.
Required:
a)What is the name of the type of loss that Archie will be able to recognize on his tax return?
b)Calculate the loss that Archie can apply against his other sources of income in the current year.

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The Answer of Archie Smith works full-time as a dentist.He lives on an acreage where he raises chickens.He sells the chickens' eggs at local markets.During the current year,Archie incurred farm expenses totalling $8,500 and received $5,200 in farm revenues from the sale of eggs.
Required:
a)What is the name of the type of loss that Archie will be able to recognize on his tax return?
b)Calculate the loss that Archie can apply against his other sources of income in the current year.

Archie Smith Works Full-Time as a Dentist