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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 68 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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Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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lindiwe

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


brbarasa

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Reply 3 on: Yesterday
:D TYSM

 

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