The taxpayer is a Ph.D.student in accounting at State University.The student is paid $1,000 per month for teaching two classes.The total amount received for the year is $9,000.
A) The $9,000 is excludible if the money is used to pay for tuition and books.
B) The $9,000 is taxable compensation.
C) The $9,000 is considered a scholarship and,therefore,is excluded.
D) The $9,000 is excluded because the total amount received for the year is less than her standard deduction and personal exemption.
E) None of the above.
Correct Answer:
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