Elijah has played basketball his entire life, and his hard work paid off when he received a “full ride” scholarship to play at University of North Carolina. He received $50,000 for his first year which covers the following:

How much must Elijah report as taxable income?

Transcribed Image Text:

Tuition and fees (out of state) Room and board Books Required supplies and equipment $36,000 $11,500 $ 900 $ 1,600