Nicole is a student at USB Law; she receives a $52,000 scholarship for 2015. 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 2015?
A) $5,000
B) $7,000
C) $45,000
D) $47,000
E) $52,000
Correct Answer:
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