Which of the following revenue sources is an exchange-like transaction?

Exchange and exchange-like transactions occur when each party receives and gives up essentially equal value. In the case of operating permits (e.g., business licenses or environmental permits), the payer receives a direct and proportional benefit in exchange for the fee paid, making this an exchange-like transaction.

In contrast:

Income taxes and fines are non-exchange revenues.

Grants may or may not be exchange-like, depending on stipulations, but generally are non-exchange.

Relevant Standards and References:

GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions

GASB Codification Section N50, Nonexchange Transactions

GFOA Best Practices – Revenue Recognition

Therefore, Option B is correct.