Larry, the plumber is unemployed and has no money. Jose, the roofer is unemployed and...
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Accounting
Larry, the plumber is unemployed and has no money. Jose, the roofer is unemployed and has no money. Jose says, "I'll fix the shingles that are falling off your roof, a $600 job, for free if you will fix my plumbing, a $500 job for free." They agree to do this.
a. Larry has taxable income of $600 and Jose has taxable income of $500.
b. This is not a taxable event
c. Larry and Jose each have $500 in taxable income.
d. Larry has $500 in taxable income while Jose has $600.
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