The receipt of an inheritance is excluded from the taxable income of the recipients. False O True Question 12 1 pts Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2021. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole in 2021? $47,000 $7,000 $45,000 $5,000 $52,000