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What amount should perie include in taxable income

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Perie, a dentist, billed Wood $600 for dental services. Wood paid Perie $200 cash and built a bookcase for Perie's office in full settlement of the bill. Wood sells comparable bookcases for $350. Perie is a cash-basis taxpayer. What amount should Perie include in taxable income as a result of this transaction?

Reference no: EM132380975

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