Discussion case study Tiger Woods

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I am doing a case study on Tiger Woods,

Suppose there is a written contract between the Woods camp and AMI, the entity that owns the National Inquirer and Men's Fitness
That in exchange for a Men's Fitness interview and photo shoot with Woods the National inquirer would not publish incriminating photos of Woods affair.

What are the federal income tax consequences of this transaction for Woods?

I figured that this would be a case of barter and the fair value of what he would have been normally paid to do a photoshoot and interview would need to be considered in figuring if he has taxable income and should be reported on 1040C.

Also, would it matter how much it would really cost him to quash the story in the inquirer with cash instead of services?

I would appreciate any input on the subject.
 

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