Kevin Provided Services to Several Clients This Year Who Paid

question 53

Multiple Choice

Kevin provided services to several clients this year who paid with different types of property.Which of the following payments is not included in Kevin's gross income?

• A)Cash.
• B)Shares of stock listed on the New York Stock Exchange.
• C)A used car.
• D)Gold coins.
• E)All of these are included in gross income.

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Definitions:

Cash And Carry

A policy adopted by the United States prior to entering World War II that allowed the sale of materials to belligerents, as long as they paid in cash and transported the goods themselves.

Great Britain

The island nation comprising England, Scotland, and Wales, which is part of the United Kingdom.

Pearl Harbor Attack

A surprise military strike by the Imperial Japanese Navy Air Service against the United States naval base at Pearl Harbor, Hawaii, on December 7, 1941, leading to the United States' entry into World War II.

Surprise Attack

A military tactic involving an unexpected assault on an adversary, with the intent of catching them off guard and gaining a tactical advantage.