Shaun is a student who has received an academic scholarship to State University.The scholarship paid $14,000 for tuition, $2,500 for fees, and $1,000 for books.In addition, Shaun's dormitory fees of $8,500 were paid by the university when he agreed to counsel freshmen on campus living.What amount must Shaun include in his gross income?
A) $9,500
B) $11,000
C) $2,500
D) $8,500
E) Zero-none of these benefits are included in gross income.
Correct Answer:
Verified
Q126: Frank received the following benefits from
Q127: Dora made a gift of stock to
Q128: Brenda has $15,000 in U.S.Series EE savings
Q129: Helen is a U.S.citizen and CPA who
Q130: Sam, age 45, saved diligently for his
Q132: Ben's employer offers employees the following
Q133: Which of the following best describes distributions
Q134: Irene's husband passed away this year.After his
Q135: Samantha was ill for four months this
Q136: Graham has accepted an offer to do
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents