Kelly receives a $40,000 scholarship to Ivy University. She uses $30,000 on tuition and books, $5,000 for

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Kelly receives a $40,000 scholarship to Ivy University. She uses $30,000 on tuition and books, $5,000 for a used car, and $5,000 for rent while at school. Kelly will recognize _______ gross income.

a. $0

b. $5,000

c. $10,000

d. $30,000

e. $40,000

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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Posted: Mar 02, 2019 05:29 AM

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Kelly receives a $40,000 scholarship to Ivy University. She uses $30,000 on tuition and books, $5,000 for

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Income Tax Fundamentals 2019

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