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A college student working on a degree in accounting received the following in 20X2: • A $7,000 scholarship used for tuition A $2,000 scholarship used for fees and books An $8,000 fellowship used for room and board What amount must the taxpayer include in 20X2 gross income?

A college student working on a degree in accounting received the following in 20X2: • A $7,000 scholarship used for tuition A $2,000 scholarship used for fees and books An $8,000 fellowship used for room and board What amount must the taxpayer include in 20X2 gross income?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A college student working on a degree in accounting received the following in 20X2: • A $7,000 scholarship used for tuition A $2,000 scholarship used for fees and books An $8,000 fellowship used for room and board ● What amount must the taxpayer include in 20X2 gross income? A) $17,000 B) $10,000 C) $0 D) $8,000 E) $9,000
Transcribed Image Text:A college student working on a degree in accounting received the following in 20X2: • A $7,000 scholarship used for tuition A $2,000 scholarship used for fees and books An $8,000 fellowship used for room and board ● What amount must the taxpayer include in 20X2 gross income? A) $17,000 B) $10,000 C) $0 D) $8,000 E) $9,000
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