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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