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Revenue Ruling 79-24

1979-1 C.B. 60 (1979)

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Revenue Ruling 79-24

Internal Revenue Service
1979-1 C.B. 60 (1979)

Facts

In one scenario, a lawyer and a housepainter belonged to a barter club, an organization of professionals and tradespeople who could contact each other and arrange trades for services. The lawyer and housepainter contacted each other, and the lawyer ultimately performed personal legal services for the housepainter in exchange for the housepainter painting the lawyer’s home. In another scenario, a person who owned an apartment building allowed a professional artist to use an apartment in the building rent-free for six months in exchange for the artist creating the building owner a work of art. The Internal Revenue Service issued a revenue ruling regarding how the compensation for the respective services in both scenarios should be reported under the Internal Revenue Code.

Rule of Law

Issue

Holding and Reasoning ()

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