Because Services Are Not Considered Property Under § 351, a Taxpayer

question 58

True/False

Because services are not considered property under § 351, a taxpayer must report as income the fair market value of stock received for such services.

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Definitions:

Potty Training

The process of teaching a young child to use the toilet for urination and defecation.

Eating Utensils

Tools designed for use during the process of eating, such as forks, knives, spoons, and chopsticks.

Pediatric Clinical Rotation

A period of medical training focused on the care of infants, children, and adolescents, undertaken by medical students or residents.

Child Abuse

Any action or failure to act by a caregiver or another person that results in harm, potential for harm, or threat of harm to a child.