Foreign Exchange Student Yung Lives with Harold and Betty While

question 102

Essay

Foreign exchange student Yung lives with Harold and Betty while he studies in the US. He moved into their home January 5,2014 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:

Multitouch

A technology that enables a surface (such as a touchscreen) to recognize the presence of more than one point of contact with the surface simultaneously.

Goodwill

The intangible asset that arises when a business is acquired for more than the fair value of its visible, tangible assets; often related to the brand reputation, customer loyalty, and other factors not directly quantifiable.

Production

The act of producing goods and services by merging workforce, materials, and technology.

Consumers

Individuals or entities that purchase goods or services for personal use or consumption.