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1. Josh purchases a new car for $32,000 USD. The fair market value of the car at purchase is $37,000, but Josh was able to

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1. Josh purchases a new car for $32,000 USD. The fair market value of the car at purchase is $37,000, but Josh was able to negotiate the price down. Does Josh have any Gross Income from this transaction? Why or why not? a. Does our answer change if Josh traded a $32,000 acre of land for the car? Why or why not? b. Does our answer change if Josh traded a cryptocurrency unit worth $32,000 for the car? Why or why not

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