Show 1 INCOME TAX PACTS FACTS NO 8 A por person on may receive recel e tor for his ser sen sers- sers Ices compensation other tan mono money that Is subject to tho the Income ta tax ta Thu fair market value alue of ot tho the tiling taken talen In pa is the amount to bo In- In eluded as income lor l'or example ample It if a clerk In a grocery store I as apart part of ot ht hit his nasea agea 1103 groceries or pro l slona the value ot of the merchandise must 1 ba e 0 reported by him bli as ao II Income compensation paid an all c of oC t corporation In shares of ot stoc stock I Is h to tobe tobo bo be treated as It If the corporation the stock stoel tor for Its market alue and paid him hini In cash Promissory notes received in pay pay- payment payment payment ment for tor services and not merely as security tor for payment constitute income In- In Income income come to the tho amount ot of their fair mal mm- ket value salue A taxpayer receiving Ing us Ud compensation a note good for Its face tace salue at maturity but not bearing Interest In-I In terEst may treat an II Income Income as s of or the time of ot receipt the discounted alue of ot the tho no note to at lit such time It the I payments are aro met as they become due I there should be bo included as Income In respect to each ench such payment Ill I'll I ent so much InI I thereof as ns represents recovery for dIscount deducted I Board Doard and lodging when as compensation for tor services must 0 oc 1 I reported as us income Thus a hotel clerk clerIc who 1 ho Is given gien 11 en a loom and meals meal as part payment for tor or his hl services son Ices inu mu t I I report the tho fair value of such in hi Income tax return Under regulations of ot the tho public heath health service officers arc are entitled t to i quarters light and heat and em- em em I pia cs such as attendants dietitian interns nur nurses es and reconstruction aides aldel are entitled to quarters Quarter subsist subsist- subsistence subsistence I ence and laundry Tho The value salue of ot such I constitutes Income to tie the officers and ond anti and must be r returned b them as aJ Income for tor the icar ear In Inv v a cd |