Jeffrey Dean, a Masters Degree candidate at North State Central University, was awarded a $15,000 scholarship from
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Jeffrey Dean, a Master’s Degree candidate at North State Central University, was awarded a $15,000 scholarship from North State Central in the current year. During the current year, he paid the following expenses:
Tuition..........................................$12,000
Books................................................1,000
Fees......................................................500
Room & Board.................................1,500
In addition, he received $6,000 for teaching two undergraduate accounting courses. What amount must be included in Dean’s gross income?
a. $0
b. $6,000
c. $7,500
d. $21,000
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Related Book For
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
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