Linda, Mary, and Norma and Olivia were law school classmates. Linda practices law with a large law firm. During the first 18 years of her daughter Laura's life, Linda averaged $150,000 in annual earnings. During that period, she annually put $5,000 of her earnings into a college fund. She invested the fund in stocks, bonds, and certificates of deposit. Over time, the fund grew to $100,000. When Laura reached college age, she applied for financial aid. However, she was not given a scholarship because she didn't need one. Linda paid $150,000 to send her to private university for four years. Mary is a law partner of Linda and earns the same amount. However, Mary spent every penny of it on her extravagant lifestyle. When her daughter Melanie reached college age, she applied for financial aid and obtained $75,000 of scholarships over her four years of college. Mary paid the rest of her expenses at private university through loans and current income. Norma is a professor at private university law school. During the same period, she averaged $75,000 a year in earnings. She had no college fund. When her daughter Nadine reached college age, she enrolled in private university. As a faculty member at private university, Norma paid only $25,000 for Nadine's four years of college education. Olivia practices law with a small firm. Over the same period, she earned an average of $85,000 a year. When her daughter Olive reached college age, she enrolled at State University which everyone says is just as good as private university except for State's football team which is so much better. As a local resident, it cost only $50,000 for Olive's four years of college education. How are Linda, Mary, Norma, Olivia, and their respective daughters taxed on these events? Does current tax law treat them fairly