Shaun Is a Student Who Has Received an Academic Scholarship

Shaun is a student who has received an academic scholarship to State University. The scholarship paid $14,000 for tuition, $2,500 for fees, and $1,000 for books. In addition, Shaun's dormitory fees of $8,500 were paid by the university when he agreed to counsel freshman on campus living. What amount must Shaun include in his gross income?

A) $9,500
B) $11,000
C) $2,500
D) $8,500
E) $0-none of these benefits are included in gross income.

Correct Answer:

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