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Business Barter Can Bite!
Barter is trading services or product in lieu of cash. Barter of products or services between businesses (e.g. subcontractors) is taxable. Barter income is based on the value of services or product received (of IRC Section 61(a)). It is reported on the tax return (IRC§ 61(a)(1)). Mr. Welemin learned this painful lesson in US Tax … Business Barter Can Bite!