Klein, a master's degree candidate at Blair University, was awarded a $15,000 scholarship from Blair in Year 8. The scholarship was used to pay Klein's Year 8 university tuition and fees. Also in Year 8, Klein received $4,000 for teaching two courses at a nearby college. What amount is includable in Klein's Year 8 gross income?
A. $19,000
B. $4,000
C. $5,000
D. $0
【答案解析】B
Choice "b" is correct. Scholarships are nontaxable for degree seeking students to the extent that the proceeds are spent on tuition, fees, books and supplies. The $4,000 for teaching courses is taxable compensation for services delivered.
Choice "d" is incorrect. The $4,000 for teaching courses is taxable compensation for services delivered.
Choice "d" is incorrect. Disturbing option.
Choice "a" is incorrect. The scholarship is not taxable because Klein is a degree seeking student and used the proceeds for tuition and fees.
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