John Davis, a professional dentist, raises horses under circumstances that would indicate that the activity is a hobby. His adjusted gross income for the year is $100,000, and he has $2,000 of other miscellaneous itemized deductions, all of which are subject to the 2% floor. During the taxable year, the cost for feeding horses was $3,000. The income from the sale of horses was $2,800. (a) Under the hobby loss rule, to what extent is the expense of $3,000 deductible? (b) Under the 2%-of-adjusted-gross-income limitation, how much is the overall deductible amount of his itemized deductions?