Which of the following items will result in an increase in gross income?
A) Receipt of a $10,000 check from the bank. The check is for a student loan.
B) Preparing a mechanic's tax return in exchange for the mechanic replacing the muffler on your car.
C) Receiving a $10,000 award from a university for high grades and high SAT scores. The award is used to pay tuition.
D) None of the above will be included in gross income.

Question

Quizplus · Accepted Answer

Bartering services, such as preparing a tax return in exchange for car repairs, is considered income and must be included in gross income.

Which of the Following Items Will Result in an Increase