Fred specified in his will that his nephew John should serve as executor of Fred's estate. John received $10,000 for serving as executor. John inherited $100,000 of cash from his uncle as well. He also borrowed $5,000 when he bought a new car this year. Select a response to the question "Classify each of the amounts received by John using terminology covered in this chapter." income. The $10,000 that John received is The $100,000 that John inherited is because he has an offsetting for services and, therefore, must be included in his Finally, the $5,000 that John to repay this money so there is no accession to wealth. is not