Helen Troy, a student seeking a Master's degree in accounting, was awarded a 50 percent scholarship to
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Helen Troy, a student seeking a Master's degree in accounting, was awarded a 50 percent scholarship to graduate school (valued at $3,000) and a $6,000 per year teaching assistantship (not required of Master's level students). She also, because of her great beauty, won first prize in the Miss International Beauty Pageant. The prize included $14,000 in cash, a $25,000 car, a $10,000 scholarship, and travel expenses of $2,000 relating to the pageant. What must she include as gross income?
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In the United States gross income generally includes all income from whatever source derived unless ...View the full answer
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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