Marie, a cash basis taxpayer, prepares an artist's tax return. She regularly charges $1,000 to prepare a tax return of that complexity. Because the artist was low on cash, Marie accepted one of his paintings as full payment. The FMV of the painting is $800. 

How much should be included in Marie's income upon receipt?

 

Answer rating: 100% (QA)

Marie should include 800 in her income upon receipt of the painting Explanation Wh... View the full answer