Lee, a candidate for a graduate degree, worked at the local golf course as a clubhouse employee and earned $15,000 in wages in 20X1. He also received the following scholarship awards from the university in 20X1: $20,000 for tuition, fees, books, and supplies required for courses $4,000 stipend for research services required by the scholarship What amount should Lee include as taxable income in 20X1? $39,000 $15,000 $19,000 $0
Lee, a candidate for a graduate degree, worked at the local golf course as a clubhouse employee and earned $15,000 in wages in 20X1. He also received the following scholarship awards from the university in 20X1: $20,000 for tuition, fees, books, and supplies required for courses $4,000 stipend for research services required by the scholarship What amount should Lee include as taxable income in 20X1? $39,000 $15,000 $19,000 $0
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 1CPA
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