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Pie
3 years ago
7

Kent "Flounder" Dorfman is a full-time student at Faber College. He is a senior and a member of Delta Tau Chai fraternity. The D

eltas awarded Kent a $35,000 scholarship called "The Dean Wormer Double Secret Probation Memorial Scholarship". In the current year, Kent pays the following amounts to attend Faber College: Tuition - $26,000; Required lab fees - $300;
Required books and supplies - $1,000; Room and board - $7,500. How much of the scholarship, if any, is taxable for federal income tax purposes?

Explain how you arrived at your answer and cite at least one section of the Internal Revenue Code to support your answer.

How much of the scholarship, if any, is NOT taxable for federal income tax purposes?

Explain how you arrived at your answer.
Business
1 answer:
Burka [1]3 years ago
6 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

As per §117(b)(2) a qualified scholarship that is solely used for qualified tuition and related expenses like fees, books and supplies that is necessary for such course in which admission is taken, related tuition fees and associated expenses are not taxable.

On the other side expenses on rooms and boarding are not qualified expenses so any amount spent on it is fully taxable. Another condition is that scholarship given should not be an exchange of service.

<em>You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  </em>

<em />

<em />

Download xlsx
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8 0
1 year ago
The Petit Chef Co. has 11.6 percent coupon bonds on the market with ten years left to maturity. The bonds make annual payments a
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14.5

Explanation:

6 0
3 years ago
A small private college situated in a rural geographic setting, a research lab at a bio-tech company and an attorney could all b
Gekata [30.6K]

Answer:

The correct answer to the following question is C) Appropriate audience for an advertising campaign.

Explanation:

When a company wants to sell its product in the market , it is very important for them to understand who their target market or target audience are, because these are the people who are in interested in buying company's product not everyone in the market. So it becomes very important for the company to identify who their target audience are and to make a connection with them, so that they can be influence in to buying the company's product.

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7 0
2 years ago
In April, one of the processing departments at Terada Corporation had beginning work in process inventory of $37,000 and ending
Alborosie

Answer:

total cost to be accounted = $297000

Explanation:

given data

beginning work in process inventory = $37,000

ending work in process inventory = $43,000

costs added to production = $260,000

cost of units transferred out = $254,000

solution

we get here  total cost to be accounted that is express as

total cost to be accounted = ending work in process inventory + cost of units transferred out   ......................1

put here value and we will get

total cost to be accounted = $43,000 + $254,000

total cost to be accounted = $297000

3 0
3 years ago
The Holiday Corporation had sales of $450 million this year. Its accounts receivable balance averaged $30 million. How long, on
Zina [86]

Answer:

24.3 days

Explanation:

Calculation for How long, on average, does it take the firm to collect on its sales

Using this formula

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Average collection period =$30 million/$450 million *365 days

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Therefore How long, on average, does it take the firm to collect on its sales is 24.3 days

8 0
2 years ago
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