The Nature of Gross Income $($LO $2\mathrm{.}1)$

Jane is a roofing contractor. Jane's friend needed a new roof but did not have the cash to pay. Jane's friend instead paid with a used truck that Jane could use in her roofing business. The truck had originally cost the friend $$17,500$ but it was gently used and only worth $$6,000.$ Jane did not actually need the truck and ended up selling it to a used car dealer for $$5,200$ a few months later.

What amount of gross income Jane must recognize as a result of the truck payment.

Why?

There

exception in the law for noncash items received in exchange for services.