Problem 1: Vijay sells a piece of land and receives $5,000 cash, a motorcycle worth $1,600, and two Super Bowl tickets with a total face value (cost) of $800 but worth $1,200, and the buyer assumes the mortgage on the land for $12,000. What is the amount received by Vijay in this transaction?
Problem 2: Bob sells a stock investment for $35,000 in cash, and the buyer assumes Bob's $32,500 debt on the investment. The basis of Bob's stock investment is $55,000. What is the realized gain or loss on the sale?
Problem 3: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2019?
Problem 4: Oscar, a single taxpayer, sells his residence of the last 10 years in January 2019 for $190,000. Oscar's basis on the residence is $45,000 and his selling expenses are $11,000. If Oscar does not purchase a new residence, what is the taxable gain on the sale of his residence?