1. During 2020, Cindy had the following transactions: Salary Bank loan (proceeds used to buy personal auto) Alimony paid Child support paid Gift from aunt Calculate Cindy's AGI: $50,000 10,000 6,000 12,000 20,000 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. Purple recognize any gain or loss? What is Purple's basis for the new truck? 3. Mary owns an apartment building that has an adjusted basis of $1,280,000 but subject to a mortgage of $420,000. Mary transfers the apartment building to Gary, and receives from Gary $330,000 in cash and an office building with a fair market value of $780,000 at the time of the exchange. Gary assumes the $420,000 mortgage on the apartment. The transfer is a like-kind exchange. a) what is Mary's realized gain/ loss? b) what is Mary recognized gain/loss? c) what is Mary's basis of the newly acquired office building