This year Kevin provided services to several clients, each of whom paid with different types of property. Which of the following payments is not included in Kevin's gross income?
A)Cash
B)Shares of stock listed on the New York Stock Exchange.
C)A used car
D)Gold coins
E)All of these are included in gross income

Question

Quizplus · Accepted Answer

All of these forms of payment—cash, shares of stock, a used car, and gold coins—are considered income when received as payment for services. Therefore, they must all be included in Kevin's gross income according to the IRS rules on bartering and payment for services.

This Year Kevin Provided Services to Several Clients, Each of Whom