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1. Cindy had the following transactions: Salary $50,000 Bank loan (proceeds used to buy personal auto) 10,000 Alimony paid 6,000 Child support paid 12,000
1. Cindy had the following transactions: Salary $50,000 Bank loan (proceeds used to buy personal auto) 10,000 Alimony paid 6,000 Child support paid 12,000 Gift from aunt 20,000 Calculate Cindy's AGI: 2. Purple, Inc., owns a delivery truck which initially cost $60,000. After depreciation of $40,000 had been deducted, the truck was traded-in on a larger delivery truck with a FMV of $60,000. Purple was required to pay the other party $20,000 in cash. (hint: This is NOT a like-kind exchange) Purple recognize any gain or loss? What is Purple's basis for the new truck?
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