(a) Gross income includes:
(1) The value proceeding or accruing from the sale of property, the provision of service, or both.
(2) The total amount of the sale, lease, license for use, or rental price at the time of such sale, rental, lease or license.
(3) All receipts, cash, credits, barter, exchange, reduction of or forgiveness of indebtedness, and property of every kind or nature derived from a sale, lease, license for use, rental or other taxable activity.
(4) All other receipts whether payment is advanced prior to, contemporaneous with, or deferred in whole or in part subsequent to the activity or transaction.
(b) Barter, exchange, trade-outs or similar transactions are includable in gross income at the fair market value of the service rendered or property transferred, whichever is higher, as they represent consideration given for consideration received.
(c) No deduction or exclusion is allowed from gross income on account of the cost of the property sold, the time value of money, expense of any kind or nature, losses, materials used, labor or service performed, interest paid, or credits granted.
(Ord. No. 6926, § 1.B, 4-18-88)