(2) Compensation (Obj. 1) 301 (2021)

Mark Wellaby, M.D., practices medicine. During the year he received the following items in payment for his services:

• Cash of $48,000
• Farm produce worth $1,000
• Common stock with a total par value of $500. The stock at the time of receipt had a fair market value of $1,000. At December 31, the fair market value of the stock had dropped to $900.
• A $485, 90-day noninterest-bearing note dated December 1.

Compute Dr. Wellabys gross income.