Mary Green is a full-time undergraduate student at Clayton State University. Mary is an honor student and received a $9,000-per-year scholarship. The scholarship award pays for Mary’s tuition ($6,000), books ($1,000), equipment ($1,200), and incidental expenses ($800).

a. Explain how each of the amounts shown above would be treated for tax purposes.

b. Calculate the total amounts that should be shown in Mary’s gross income.

Answer rating: 100% (QA)

a A scholarship a fellowship grant or other form of grant all or part of the amounts th... View the full answer