Question: Compensation. (Obj. 1) Mark Wellaby, M D., practices medicine. During the year he received the following items in payment for his services: cash of $48,000;

Compensation. (Obj. 1) Mark Wellaby, M D., practices medicine. During the year he received the following items in payment for his services: cash of $48,000; farm produce worth $1,000; common stock with a total par value of $500; and a $485, 90-day non interest-bearing note dated December 1. The stock at the time of receipt had a fair market value of $1,000. On December 31, the fair market value of the stock had dropped to $900. Compute Dr Wellabys gross income.

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