Research Project – Is it Income? Cathy Coed is a full-time senior student at Big Research University (BRU). Cathy is considered by most as a brilliant student and has been given a $35,000-per-year scholarship. In the current year, Cathy pays the following amounts to attend BRU: Tuition$26,000Required Lab Fees 300Required Books and Supplies 1,000Room and Board 7,500 What are the tax consequences (i.e., how much is income) of the $35,000 current year’s scholarship to Cathy? In answering this case, use RIA Checkpoint, and cite only the Internal Revenue Code in your memo.
