Problem
Barney is a full-time graduate student at State University. He serves as a teaching assistant for which he is paid $700 per month for 9 months and his $5,000 tuition is waived. The university waives tuition for all of its employees. In addition, he receives a $1,500 research grant to purchase educational materials for his studies.
Several years later, Barney is employed by a large corporation that provides him with $7,500 of annual employer provided educational assistance. Since Barney is the Chief Financial Officer (CFO) of the organization, the company also directly provides his son with an annual scholarship of $10,000 (this benefit is not available to lower ranking employees). What is Barney's gross income from these transactions?