If Lucas,an accountant,agrees to provide tax services to a neighbor in exchange for the neighbor agreeing to fix his pool,Lucas but not his neighbor will have to report income on this transaction at fair market value.

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ayesha cobbins · Accepted Answer

Final Answer : False, Explanation :  Both Lucas and his neighbor must report the fair market value of the services they receive as income on their tax returns, as this is considered bartering, which is taxable for both parties involved.

If Lucas,an accountant,agrees to provide tax services to a neighbor in exchange for the neighbor agreeing to fix his pool,Lucas but not his neighbor will have to report income on this transaction at fair market value.

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