Taxation of scholarships, Hope receives an $18,500

Taxation of scholarships

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Reference no: EM1359321

Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns $5,000. Hope's gross income is:

A. $5,000.

B. $15,000.

C. $18,500.

D. $23,500.

Reference no: EM1359321

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