51. If a scholarship does not satisfy the requirements for a gift, the scholarship must be included in gross income.
a. True
b. False
52. Ashley received a scholarship to be used as follows: tuition $6,000; room and board $9,000; and books and laboratory supplies $2,000. Ashley is required to include only $9,000 in her gross income.
a. True
b. False
53. In December 2015, Emily, a cash basis taxpayer, received a $2,500 cash scholarship for the Spring semester of 2016. However, she did not use the funds to pay the tuition until January 2016. Emily can exclude the $2,500 from her gross income in 2015.
a. True
b. False
54. Betty received a graduate teaching assistantship that was awarded on the basis of academic achievement. The payments must be included in her gross income.
a. True
b. False
55. In 2015, Theresa was in an automobile accident and suffered physical injuries. The accident was caused by Ramon’s negligence. In 2016, Theresa collected from his insurance company. She received $15,000 for loss of income, $10,000 for pain and suffering, $50,000 for punitive damages, and $6,000 for medical expenses which she had deducted on her 2015 tax return (the amount in excess of 10% of adjusted gross income). As a result of the above, Theresa’s 2016 gross income is increased by $56,000.
a. True
b. False
56. Workers’ compensation benefits are included in gross income if the employer also pays the employee while the employee is recovering from his or her injury.
a. True
b. False
57. The earned income credit is available only if the taxpayer has at least one qualifying child in the household.
a. True
b. False
58. A taxpayer’s earned income credit is dependent on the number of his or her qualifying children.
a. True
b. False
59. An individual generally may claim a credit for adoption expenses in the year in which the expenses are paid.
a. True
b. False
60. The child tax credit is based on the number of the taxpayer’s qualifying children under age 17.
a. True
b. False
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