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Author Question: In 2014 Betty loaned her son, Juan, $10,000 to help him buy a car. In 2016, before he repaid the ... (Read 67 times)

lindiwe

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Question 1

Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns $5,000. Hope's gross income is
◦ $5,000.
◦ $15,000.
◦ $18,500.
◦ $23,500.

Question 2

In 2014 Betty loaned her son, Juan, $10,000 to help him buy a car. In 2016, before he repaid the $10,000, Betty told Juan that she was "tearing up" the $10,000 note as a graduation present. How should Juan treat the amount forgiven?
◦ taxable income in year of loan
◦ taxable income in year of forgiveness
◦ excludable gift in year of loan
◦ excludable gift in year of forgiveness


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Marked as best answer by lindiwe on Sep 13, 2020

kusterl

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lindiwe

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Reply 2 on: Sep 13, 2020
Wow, this really help


chereeb

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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