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Consider the following situations and discuss whether they are income in ordinary concepts, statutory income or exempt income. Note: Where no dates are given, the previous tax year is to be assumed.
(a) A scholarship of $2000 received by a full-time student from an industrial company, conditional upon the recipient agreeing to be employed by the company for three years after the completion of his studies.
(b) If Deakin University incorporates a separate corporate body for the operation of income-producing activities, is this corporation exempt from income tax?
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