Adrian was awarded an academic scholarship to State University for the 20192020 academic year. He received $6,500

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Adrian was awarded an academic scholarship to State University for the 2019–2020 academic year. He received $6,500 in August and $7,200 in December 2019. Adrian had enough personal savings to pay all expenses as they came due. Adrian’s expenditures for the relevant period were as follows:

Tuition, August 2019.............................................$3,700
Tuition, January 2020..............................................3,750
Room and board
August–December 2019.........................................2,800
January–May 2020...................................................2,500
Books and educational supplies
August–December 2019.........................................1,000
January–May 2020...................................................1,200

Determine the effect on Adrian’s gross income for 2019 and 2020.

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Related Book For  answer-question

South-Western Federal Taxation 2020 Comprehensive

ISBN: 9780357109144

43rd Edition

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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