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Nina, a carpenter, received a row boat from the Lake Pleasant Marina in exchange for carpentry work on a new dock. The row boat cost
Nina, a carpenter, received a row boat from the Lake Pleasant Marina in exchange for carpentry work on a new dock. The row boat cost the marina $1,000. The fair market value of the boat is $1,800. What amount, if any, is includible in Nina's gross income as a result of this transaction? Tax Rule/Explanation?
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