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In which of the following situations would the taxpayer realize taxable income?

a. A mechanic performs work on his own automobile. The mechanic would have charged a customer $400 for doing the same work.

b. A mechanic repairs his neighbor’s personal automobile. In exchange, the neighbor, an accountant, agrees to prepare the mechanic’s tax return. The servicesperformed are each worth $200.

c. A mechanic repairs his daughter’s automobile without any charge.

Liam Smith 08-Jun-2018
Answer: (Solved)
Liam Smith

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