Thomas has played basketball his entire life, and his hard work paid off when he received a "full ride" scholarship to play at University of North Carolina. He received $50,460 for his first year which covers the following: Tuition and fees (out of state) Room and board Books Required supplies and equipment How much must Thomas report as taxable income? Taxable income $35,400 $12,500 $1,010 $1,550 $

Thomas has played basketball his entire life, and his hard work paid off when he received a "full ride" scholarship to play at University of North Carolina. He received $50,460 for his first year which covers the following: How much must Thomas report as taxable income? Taxable income