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Which of the following transactions would produce income according to the Haig-Simons definition that would not legally be taxed under IRS rules? a. Receiving a

Which of the following transactions would produce income according to the Haig-Simons definition that would not legally be taxed under IRS rules? a. Receiving a cash payment for painting a clients house. b. Receiving a 1971 Ford Thunderbird as payment for painting a clients house. c. Receiving payment by check for painting the Bloomington Boys Club (a charitable organization). d. Receiving an interest payment on the City of Boca Raton bond (issued in 1980) you own.

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