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Which of the following transactions would produce income according to the Haig-Simons definition that would not legally be taxed under IRS rules? a. Receiving a cash payment for painting a client’s house. b. Receiving a 1971 Ford Thunderbird as payment for painting a client’s house. c. Receiving payment by check for painting the Bloomington Boy’s Club (a charitable organization). d. Receiving an interest payment on the City of Boca Raton bond (issued in 1980) you own.

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