Alex, who is single, conducts an activity in 2018 that is appropriately classified as a hobby. the activity produces the following revenues and expenses: revenue $18,000 property taxes 3,000 materials and supplies 4,500 utilities 2,000 advertising 5,000 insurance 750 depreciation 4,000 without regard to this activity, alex's agi is $42,000. determine the amount of alex's taxable income assuming he has no other itemized deductions. the standard deduction for single taxpayers is $12,000.