South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Question
Chapter 5, Problem 34P
To determine
Determine the effect of the academic scholarship on the gross income of A for 2018 and 2019.
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Adrian was awarded an academic scholarship to State University for the 2021–2022 academic year. He received $6,500 in August and $7,200 in December 2021. 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 2021
$3,700
Tuition, January 2022
3,750
Room and board
August–December 2021
2,800
January–May 2022
2,500
Books and educational supplies
August–December 2021
1,000
January–May 2022
1,200
What amount, if any, must Adrian include in his gross income for 2021 and 2022?
If an amount is zero, enter "0".
2022:
$fill in the blank f1e429096fd0f81_2
Adrian was awarded an academic scholarship to State University for the 2023-2024 academic year. He received $6,500 in August and
$7,200 in December 2023. 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 2023
Tuition, January 2024
Room and board
August-December 2023
January-May 2024
Books and educational supplies
August-December 2023
January-May 2024
b.
Regarding Adrian's scholarship, indicate whether the following statements are "True" or "False".
C.
a. When Adrian received the money in 2023, his total expenses for the academic year
were not known. Therefore, he is allowed to defer reporting the income until 2024,
when the uncertainty is resolved.
d.
$3,700
3,750
2,800
2,500
2023:
1,000
1,200
2024:
The amount Adrian spent on tuition, books, and educational supplies in 2024 will not
be excludable, since the scholarship was awarded in 2023.
What amount, if any, must Adrian include in…
Adrian was awarded an academic scholarship to State University for the 2023–2024 academic year. He received $6,500 in August and $7,200 in December 2023. 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 2023
$3,700
Tuition, January 2024
3,750
Room and board
August–December 2023
2,800
January–May 2024
2,500
Books and educational supplies
August–December 2023
1,000
January–May 2024
1,200
Question Content Area
Regarding Adrian's scholarship, indicate whether the following statements are "True" or "False".
a.
When Adrian received the money in 2023, his total expenses for the academic year were not known. Therefore, he is allowed to defer reporting the income until 2024, when the uncertainty is resolved.
b.
The amount Adrian spent on tuition, books, and educational supplies in 2024 will not be excludable, since the scholarship was…
Chapter 5 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Holly was injured while working in a factory and...Ch. 5 - Prob. 9DQCh. 5 - Prob. 10DQ
Ch. 5 - Ted works for Azure Motors, an automobile...Ch. 5 - Prob. 12DQCh. 5 - Eagle Life Insurance Company pays its employees...Ch. 5 - Several of Egret Companys employees have asked the...Ch. 5 - Prob. 15DQCh. 5 - Tammy, a resident of Virginia, is considering...Ch. 5 - Andrea entered into a 529 qualified tuition...Ch. 5 - Prob. 18DQCh. 5 - Prob. 19DQCh. 5 - Prob. 20CECh. 5 - Prob. 21CECh. 5 - Ellie purchases an insurance policy on her life...Ch. 5 - Prob. 23CECh. 5 - Leland pays premiums of 5,000 for an insurance...Ch. 5 - Jarrod receives a scholarship of 18,500 from...Ch. 5 - Prob. 26CECh. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Prob. 30PCh. 5 - Prob. 31PCh. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 34PCh. 5 - LO.2 Leigh sued an overzealous bill collector and...Ch. 5 - LO.2 Determine the effect on gross income in each...Ch. 5 - Prob. 37PCh. 5 - Prob. 38PCh. 5 - Prob. 39PCh. 5 - Prob. 40PCh. 5 - Prob. 41PCh. 5 - LO.2 Does the taxpayer recognize gross income in...Ch. 5 - Prob. 43PCh. 5 - Prob. 44PCh. 5 - Prob. 45PCh. 5 - LO.2, 5 Rosas employer has instituted a flexible...Ch. 5 - Prob. 47PCh. 5 - Prob. 48PCh. 5 - Prob. 49PCh. 5 - Prob. 50PCh. 5 - Prob. 51PCh. 5 - Prob. 52PCh. 5 - Prob. 53PCh. 5 - Prob. 54PCh. 5 - Prob. 55PCh. 5 - Prob. 56PCh. 5 - Prob. 57PCh. 5 - Prob. 59CPCh. 5 - Prob. 1RPCh. 5 - Prob. 2RPCh. 5 - Prob. 3RPCh. 5 - Prob. 4RPCh. 5 - Prob. 1CPACh. 5 - Linda is an employee of JRH Corporation. Which of...Ch. 5 - Kim was seriously injured at her job. As a result...Ch. 5 - Danny received the following interest and dividend...Ch. 5 - Prob. 5CPA
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- In 2022, Allison is single, had gross income of $60,000, and incurred the following expenses: Mortgage interest on home Property taxes on home Legal fees incurred in traffic court Student loan interest State income taxes Her AGI is: $60,000 $49,600 $59,500 $46,600 $47,100 $3,000 6,000 400 500 900arrow_forwardCompute Mary’s income or deductions for 2020 using (1) the cash basis and (2) the accrual basis for each of the following. In May 2020, Mary paid a license fee of $1,200 for the period June 1, 2020, through May 31, 2021. In December 2020, Mary collected $10,000 for January 2021 rents. In January 2020, Mary collected $2,000 for December 2020 rents. In June 2020, Mary paid $7,200 for an office equipment service contract for the period July 1, 2020, through December 31, 2021. In June 2020, Mary purchased office furniture for $273,000. She paid $131,000 in cash and gave a $142,000 interest-bearing note for the balance. The office furniture has a MACRS cost recovery period of seven years. Mary did not make the § 179 election and elected not to take additional first-year depreciation.arrow_forwardClassify each of the following expenditures paid in 2019 as a deduction for AGI, a deduction from AGI, or not deductible: a. Roberto gives cash to his father as a birthday gift. b. Sandra gives cash to her church. c. Albert pays Dr. Dafashy for medical services rendered. d. Mia pays alimony to Bill. e. Rex, who is self-employed, contributes to his pension plan. f. Bonita pays expenses associated with her rental property. g. Lu, who operates a sole proprietorship, takes a client to dinner to discuss new business.arrow_forward
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