USCPA每日一练之REG【2015-12-12】

高顿网校2015-12-11 10:27Lynn.yu
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Majors, a candidate for a graduate degree, received the following scholarship awards from the university in 2013:

- $10,000 for tuition, fees, books, and supplies required for courses.

- $2,000 stipend for research services required by the scholarship.

What amount of the scholarship awards should Majors include as taxable income in 2013?

a. $12,000

b. $10,000

c. $ 2,000

d. $0

Answer:C

The requirement is to determine the amount of scholarship awards that Majors should include as taxable income in 2013. Only a candidate for a degree can exclude amounts received as a scholarship award. The exclusion available to degree candidates is limited to amounts received for the payment of tuition and fees, books, supplies, and equipment required for courses at the educational institution.

Since Majors is a candidate for a graduate degree, Majors can exclude the $10,000 received for tuition, fees, books, and supplies required for courses. However, the $2,000 stipend for research services required by the scholarship must be included in taxable income for 2013.

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