Sabrina Student is a full-‐time student at a local university, majoring in Physics. Sabrina is considered by most as a brilliant student and has been given a $20,000-‐per-‐year scholarship. In the current year, Sabrina pays the following to attend school:
Tuition $ 14,000
Required Lab Fees $300
Required Books & Supplies $1,000
Room and Board $4,800
Sabrina is smart enough to know what she doesn’t know (that’s one of the reasons that she is considered brilliant) and wants to find out the tax consequences regarding this scholarship. She knows you are a CPA and a graduate from the same university, two things that make you an excellent choice in Sabrina’s book (another indication of her brilliance). You have a meeting scheduled with her and want to make sure that you live up to Sabrina’s trust. Prepare a memo to the file about your findings so that you are prepared to meet with Sabrina.
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