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Barnabas Collins produces some of the highest quality blood and plasma which he makes available...

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Accounting

Barnabas Collins produces some of the highest quality blood and plasma which he makes available for transfusions. Hospitals and blood banks seek after Barnabas for his rare blood. He stays healthy while "donating" blood two to three times a week. For each blood donation, the hospitals and blood banks pay him $800. He drives 100 miles a week going to and from the hospitals and blood banks. He spends $450 a month on prescribed vitamins to ensure good general health and blood quality does not degenerate because of so many blood donations. Mr. Collins no longer works at other jobs and "donating" his blood is his sole financial income.

Locate the APPLICABLE Internal Revenue Code Section(s), and if applicable and at a minimum at least 1 Regulation, 1 Administrative Ruling and 2 Court Cases along with other applicable primary authority to support your research. Please cite the primary sources properly. Please note that more is not necessarily better. Select the most relevant and up-to-date primary sources.

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