25 May Question 1. A scholarship recipient at State University may exclude fr
Question
1. A scholarship recipient at State University may exclude from gross income the scholarship proceeds used to pay for:
a. Only tuition.
b. Tuition, books, and supplies.
c. Tuition, books, supplies, meals, and lodging.
d. Meals and lodging.
e. None of the above.
2. Ron, age 19, is a full-time graduate student at City University. During 2014, he received the following payments:
| Cash award for being the outstanding resident adviser | $ 1,500 |
| Resident adviser housing | 2,500 |
| State scholarship for ten months (tuition and books) | 6,000 |
| State scholarship (meals allowance) | 2,400 |
| Loan from college financial aid office | 3,000 |
| Cash support from parents | 2,000 |
| $17,400 |
Ron served as a resident advisor in a dormitory and, therefore, the university waived the $2,500 charge for the room he occupied. What is Ron’s adjusted gross income for 2014?
a. $1,500.
b. $3,900.
c. $9,000.
d. $15,400.
e. None of the above.
3. Barney is a full-time graduate student at State University. He serves as a teaching assistant for which he is paid $700 per month for 9 months and his $5,000 tuition is waived. The university waives tuition for all of its employees. In addition, he receives a $1,500 research grant to pursue his own research and studies. Barney’s gross income from the above is:
a. $0.
b. $6,300.
c. $11,300.
d. $12,800.
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