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Anvisha [2.4K]
3 years ago
7

To pay for college, Henry received the following: $1,000 scholarship from the Thespian Club to pay for books $4,000 scholarship

from the Elks Lodge for tuition $5,000 worth of room and board as a dorm supervisor through a work-study program How much income must Henry report on his tax return?
Business
1 answer:
Alika [10]3 years ago
6 0

Answer:

$5,000

Explanation:

Money received as scholarship and used to pay for tuition or related expenses is not included in the gross income. So the $1,000 scholarship from the Thespian Club and the $4,000 scholarship from the Elks Lodge are not taxable. The only taxable income that Henry earned is the $5,000 that he was paid for being a dorm supervisor.

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Answer:

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metric allows investors to compare sets of funds against each other, in order to see which fund has generated greater excess returns.

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