Kevin provided services to several clients this year who paid with different types of property.Which of the following payments is not included in Kevin's gross income?
A)Cash.
B)Shares of stock listed on the New York Stock Exchange.
C)A used car.
D)Gold coins.
E)All of these are included in gross income.

Question

Quizplus · Accepted Answer

All of these payments are considered income to Kevin and should be included in his gross income. The IRS requires taxpayers to include cash, property, and services received as payment in their income calculation, regardless of the form in which they are received.

Kevin Provided Services to Several Clients This Year Who Paid