Mei-Ling Is a Candidate for a Master's Degree in Taxation

question 45

Multiple Choice

Mei-Ling is a candidate for a master's degree in taxation from Western State University.During the current year she receives the following cash payments:
$$\begin{array} { l r } \text { State allocated tuition waiver scholarship } & \$ 2,200 \\\text { A Microsoft scholarship (for fees and books) } & 800 \\\text { Check from her grandmother } & 1,700 \\\text { Loan proceeds from the college financial aid office } & 2,500 \\\text { Prize won from a "rub and scratch" lottery ticket } & 300 \\\text { Loan from her roommate } & 100 \\\text { Interest received from National Bank CD } & 400\end{array}$$
How much must be included in Mei-Ling's gross income?

• A)$ - 0-
• B)$ 700
• C)$1,500
• D)$3,700
• E)$8,000

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