Question
n 2018, Norm, a carpenter, received a beach boat from the Newport Marina in exchange for carpentry work on a new dock. The beach boat
n 2018, Norm, a carpenter, received a beach boat from the Newport Marina in exchange for carpentry work on a new dock. The beach boat cost the marina $1,600. The fair market value of the boat is $2,000. What amount, if any, is includible in Norm's 2018 gross income as a result of this transaction?
| $2,000 | ||
| $1,800 | ||
| $1,600 | ||
| $400 | ||
| $0 |
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Loose Leaf For Financial Accounting Fundamentals
Authors: John Wild, Ken Shaw, Barbara Chiappetta
6th Edition
1260151980, 978-1260151985
