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    What is Richard's adjusted gross income for 2004?

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    Richard, age 19, is a full-time student at State College and a candidate for a bachelor's degree. During 2004, he received the following payments:

    Wages: $2,000
    State scholarship for ten months (tuition and books): $4000
    Loan from college financial aid office: $1,750
    Cash support from parents: $2,500
    Cash dividends: 2,500
    Cash prize awarded in a contest: 1,250 Total: $14,000

    What is Richard's adjusted gross income for 2004?
    a. $4,500.
    b. $5,750.
    c. $8,250.
    d. $11,500.
    e. None of the above.

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