Business, 23.04.2021 15:40 mariahough
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
Regarding Adrian's scholarship, indicate whether the following statements are "True" or "False".
a. When Adrian received the money in 2019, his total expenses for the academic year were not known. Therefore, he is allowed to defer reporting the income until 2020, when the uncertainty is resolved. True
b. The amount Adrian spent on tuition, books, and educational supplies in 2020 will not be excludable, since the scholarship was awarded in 2019. False
c. Adrian may exclude from gross income the amount used for tuition, books, and educational supplies in 2019 and 2020. True
d. The amount Adrian spent on room and board is excludable. False
What amount, if any, must Adrian include in his gross income for 2019 and 2020? If an amount is zero, enter "0".
2019: $
2020: $
Answers: 1
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Adrian was awarded an academic scholarship to State University for the 2019–2020 academic year. He r...
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