Adrian was awarded an academic scholarship to State University for the 20192020 academic year. He received $6,500
Question:
Adrian was awarded an academic scholarship to State University for the 2019–2020 academic year. He received $6,500 in August and $7,200 in December 2019. Adrian had enough personal savings to pay all expenses as they came due. Adrian’s expenditures for the relevant period were as follows:
Tuition, August 2019.............................................$3,700
Tuition, January 2020..............................................3,750
Room and board
August–December 2019.........................................2,800
January–May 2020...................................................2,500
Books and educational supplies
August–December 2019.........................................1,000
January–May 2020...................................................1,200
Determine the effect on Adrian’s gross income for 2019 and 2020.
Step by Step Answer:
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman