PATTY IS AWARDED AN ARMED FORCE SCHOLARSHIP THAT PAYS 20,000 FOR COLLEGE TUITION AND FEES AND...
PATTY IS AWARDED AN ARMED FORCE SCHOLARSHIP THAT PAYS 20,000 FOR COLLEGE TUITION AND FEES AND ROOM AND BOARD OF 12,000 PER YEAR. AFTER SHE GRADUATES SHE IS REQUIRED TO SERVE 4 YEARS A PART OF HER AWARD. WHAT DOES SHE INCLUDE IN GROSS INCOME FROM THE AWARD IN 2019
10,000
12,000
20,000
32,000
Homework Answers
the scholarship for tuition and fees is tax free but the scholarship for room and board is taxable.
accordingly, 20,000 is tax free and 12,000 is taxable i.e. 12,000 shall be included in gross income from award in 2019.
hence, the correct answer is B) $12,000
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PATTY IS AWARDED AN ARMED FORCE SCHOLARSHIP THAT PAYS 20,000 FOR
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