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n 2018, Norm, a carpenter, received a beach boat from the Newport Marina in exchange for...

n 2018, Norm, a carpenter, received a beach boat from the Newport Marina in exchange for carpentry work on a new dock. The beach boat cost the marina $1,600. The fair market value of the boat is $2,000. What amount, if any, is includible in Norm's 2018 gross income as a result of this transaction?

$2,000

$1,800

$1,600

$400

$0
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Answer #1

Solution :-

The correct answer is first option  $2,000 .

Includible in Norm's 2018 gross income as a result of this transaction is $2,000 .

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