1. Vijay sells land and receives $5,000 cash, a motorcycle worth $2,000, two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200, and the buyer assumes the mortgage on the land of $12,000. What is Vijay's amount received in this transaction?
a. $5,000
b. $7,800
c. $8,200
d. $19,800
e. $20,200
2. Bob sells a stock investment for $35,000 cash, and the purchaser assumes Bob's $32,500 debt on the investment. The basis of Bob's stock investment is $55,000. What is the gain or loss realized on the sale?
a. $10,000 loss
b. $10,000 gain
c. $12,500 gain
d. $22,500 loss
e. $22,500 gain
3. In 2015, Tim, a single taxpayer, has ordinary income of $30,000. 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 2015?
a. $26,000
b. $27,000
c. $31,000
d. $32,000