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Please explain why each amount should or should not be included as gross income. 4. Helen Troy, a student seeking a Masters degree in accounting,
Please explain why each amount should or should not be included as gross income. 4. Helen Troy, a student seeking a Masters 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
Please explain why each amount should or should not be included as gross income.
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