Mother Participated in a Qualified State Tuition Program for the Benefit

question 116

True/False

Mother participated in a qualified state tuition program for the benefit of her son.She contributed $14,000.When the son entered college,the balance in the fund satisfied the tuition charge of $20,000.When the funds were withdrawn to pay the college tuition for her son,the son must include $6,000 in his gross income.

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Definitions:

Demand Schedule

A chart displaying how much of a product consumers are ready and able to buy at different price points.

Maximize Profits

Refers to strategies or actions undertaken by a business or enterprise aimed at increasing the difference between its total revenues and total costs.

Marginal Revenue

The additional income generated from selling one more unit of a product or service.

Nondiscriminating

Nondiscriminating implies an equal treatment or consideration without bias toward race, gender, age, or other differentiating characteristics.