In 2012, Norm, a Carpenter, Received a Beach Boat from the Newport

question 48

Multiple Choice

In 2012, Norm, a carpenter, received a beach boat from the Newport Marina in exchange for carpentry work on a new dock. fte beach boat cost the marina $1,600. fte fair market value of the boat is $2,000. What amount, if any, is includible in Norm's 2012 gross income as a result of this transaction?

• A) $2,000
• B) $1,800
• C) $1,600
• D) $400
• E) $0

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Definitions:

Black Voter Participation

The involvement and active participation of African American citizens in the electoral process, including voting in elections.

Democratic Majorities

Instances when the Democratic Party holds the majority of seats in one or both chambers of the United States Congress, influencing the legislative agenda.

State of the Union

An annual address presented by the President of the United States to a joint session of Congress, outlining the administration's goals and priorities.

Poverty

A state or condition in which an individual or community lacks the financial resources and essentials for a minimum standard of living.