Veterinary Practice Manager

Category - CVPM

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In regards to barter transactions, where veterinary services are traded for other goods or services, which of the following statement is TRUE?

The value of the bartered service must be included in the gross income of the hospital
The value of the bartered service is not subject to taxation
The value of the bartered service is not considered to be a part of the gross income
The value of the bartered service is irrelevant, as long as it is equal between both parties

Explanation

Answer: A- In regards to barter transactions, where veterinary services are traded for other goods or services, the value of the bartered service must be included in the gross income of the hospital.

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