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mariarad [96]
3 years ago
6

Hope receives an $18,500 scholarship from State University. The university specifies books, supplies, and equipment, while $10,0

00 is for room and board. In addition, Hope w campus library and earns $5,000. What is Hope's gross income?
Business
1 answer:
irga5000 [103]3 years ago
5 0

Answer:

Hope's gross income = $5000 + $10,000 = $15,000

Explanation:

First, we need to highlight what are qualified education expenses especially for tax-free fellowships and scholarships.

Specifically, the qualified expenses that will be tax exempt will be

The tuition and fees which are requirements to go to an eligible school or institution

Other course related expenses required for courses in such institutions such as books equipment and supplies are also tax exempt.

<u>However, room and board, research travel and other expenses that are not required for courses in the institution are not tax free</u>

Based on this analysis:

Hope's initial earning on campus = $5000

However, $10,000 spent on room and board are not required for enrolment in the school, hence, it will be added to the earnings to make the gross income

Hope's gross income = $5000 + $10,000 = $15,000

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