Topic no. 420, Bartering income states: "doesn't include arrangements that provide solely for the informal exchange of similar services " and "You must include in gross income in the year of receipt the fair market value of goods or services received from bartering."
For your example: If you run a business, the cost to make the cake is part of your business expenses the ingredients are part of your return already. You just add the income for the value of items received.
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