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Jeffrey Dean, a Master's Degree candidate at North State Central University, was awarded a $15,000 scholarship from North State Central in the current year. During the current year, he paid the following
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45 votes
Jeffrey Dean, a Master's Degree candidate at North State Central University, was awarded a $15,000 scholarship from North State Central in the current year. During the current year, he paid the following expenses: Tuition $12,000 Books 1,000 Fees 500 Room and Board 1,500 In addition, he received $6,000 for teaching two undergraduate accounting courses. What amount must be included in Dean's gross income

User Trent Bartlem
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15 votes
15 votes

Answer: $7500

Step-by-step explanation:

It should be noted that the gross income exclusion towards a scholarship will consist of the education related expense and the tuition only.

In this case, the income that was earned which is $6000 and the room and board expense of $1500 will be added which makes $7500. Therefore, the amount that must be included in Dean's gross income is $7500.

User Mark Pim
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