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

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

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

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