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Kevin is a candidate for an undergraduate degree at a local university. During 2010, he was granted a fellowship that provided the following:

Tuition $18,000
Books and supplies 2,000
Room and board 14,800

What amount can Kevin exclude from gross income in 2010?

1) $18,000

2) $20,000

3) $25,000

4) $32,800

5) $34,800

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M982761

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