Foreign Exchange Student Yung Lives with Harold and Betty While

question 126

Essay

Foreign exchange student Yung lives with Harold and Betty while he studies in the US.He moved into their home January 5,2016 and has resided with them for the remainder of the year.Yung does not pay anything for his room and board.Harold and Betty provide all of Yung's meals.Yung receives a scholarship to pay for his tuition,books and fees.He works on campus,earning $4,000 a year.What tax issues should Harold and Betty consider?

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Definitions:

Basalt Eruptions

Volcanic eruptions that produce basalt, a dark-colored volcanic rock rich in iron and magnesium, characterized by low viscosity lava flows.

Ophiolite

A section of the Earth's oceanic crust and the underlying upper mantle that has been uplifted and exposed above sea level.

Oceanic Crust

The part of the Earth's crust that underlies the ocean basins, composed mostly of basalt and thinner than continental crust.

Continental Crust

The relatively thick part of the earth's crust that forms the large landmasses. It is generally older and more complex than oceanic crust.