Multiple Select Question

Select all that apply

Which of the following statements is correct?

Multiple select question.

Taxpayers who exchange or trade goods or services with each other must recognize the increase in value of the goods or services as income.

A current year insurance reimbursement of prior year medical expenses is recognized even if the expenses were NOT deducted in the prior year.

When taxpayers sell assets, they may exclude the original cost of those assets from gross income.

If a taxpayer receives a state tax refund for a tax year where she deducted the state tax paid, she must report the refund as gross income.

A taxpayer must recognize cash received in exchange for services rendered, but NOT property or services if they were received instead of cash.