QUESTION

Which of the following should not be included in Mr. W's gross income for the current year?

	a.	A new car worth $7,000 given to Mr. W by his employer for his valuable services.
	b.	Interest on U.S. Treasury bills, notes, and bonds issued by an agency of the United States.
	c.	Life insurance proceeds of $10,000 received as a beneficiary as a result of the death of Mr. W's brother.
	d.	$200 in dental work Mr. W received in exchange for repairs made by Mr. W to his dentist's residence.

QUESTION 6

Roger, age 19, is a full-time student at Excellent College and a candidate for a bachelor's degree. His tuition and fees are $4,000 per year. During the current year, he received the following payments:

State scholarship for 10 months	$3,600
Loan from college financial aid office	1,500
Cash support from parents	3,000
Cash dividends on investments	700
Cash prize awarded in newspaper contest	500

What is Roger's gross income for the current year?

	a.	$700
	b.	$1,200
	c.	$4,800
	d.	$9,300