Document Type

Article

Publication Date

1-1-2010

Abstract

Under current law, all true barter transactions, such as babysitting cooperatives, create taxable income. Although the IRS often fails to catch unreported transactions, lawyers and accountants have an ethical duty to advise clients to report these taxable transactions on their income tax returns. This article proposes that Congress change the law to generally exclude barter transactions from income when they do not rise to the level of being a trade or business of the taxpayer. This simple change to the law will allow communities to work together without worrying about tax disincentives for doing so.

Publication Title

Catholic University Law Review

Volume

59

First Page

785

Included in

Law Commons

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