Mark Wellaby, MD., practices medicine. During the year he received the following items in

ompensation. (Obj. 1) Mark Wellaby, M.D., practices medicine. During the year he received ne 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; and a $485, 90-day noninterest-bearing note dated December 1. 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. Compute Dr. Wellaby's gross income