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Marie, a cash basis taxpayer, prepares an artist's tax return. She regularly charges $1,000 to prepare a tax return of that complexity. Because the artist

Marie, a cash basis taxpayer, prepares an artist's tax return. She regularly charges $1,000 to prepare a tax return of that complexity. Because the artist was low on cash, Marie accepted one of his paintings as full payment. The FMV of the painting is $800. 

How much should be included in Marie's income upon receipt?

 





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