Question: Mark Wellaby MD practices medicine. During the year he received the following items in payment for his services: cash of $48,000, farm produce worth $1000,

Mark Wellaby MD practices medicine. During the year he received the following items in payment for his services: cash of $48,000, farm produce worth $1000, common stock with a total par value of $500, and a $485 90-day noninterest bearing note dated December 1. The stock at the time of receipt had a fair market value of $1000. At December 31, the fair market value of the stock had dropped to $900. Calculate Dr. Wellaby's gross income.

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