Ron, age 19, is a full-time student at William Paterson University and is claimed as a dependent
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Question:
Ron, age 19, is a full-time student at William Paterson University and is claimed as a dependent by his parents. During 2016, he received the following payments
| Academic scholarship for tuition | $6,000 |
| Academic scholarship for room and board | 13,000 |
| A loan from the college financial aid office | 24,000 |
| Salary | 7,000 |
| Cash gift from parents | 25,000 |
What is Ron's taxable income for 2016?
a. $0
b. $51,000
c. $75,000
d. $20,000
Expert Answer:
Related Book For 
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
