Determine the tax basis of the asset acquired in each of the following cases:
a. Eunice received 500 shares of Company B's common stock from her grandmother as a gift. At the date of gift, the stock was $100 per share. Eunice's grandmother purchased the stock $70 per share 10 years ago. What would be the tax basis of 500 shares of the stock for Eunice?
b. Corporation A acquired a new machine in exchange for its two old machines. At the time of exchange, Corporation A's old machines had $20,000 and $25,000 fair market values, and $18,000 and $19,000 adjusted tax bases. What would be the tax basis of new machine for Corporation A?
c. Po inherited a restaurant from his father. The fair market value of the restaurant was $1,000,000 and the adjusted tax basis for father was $750,000 when Po's father died. What would be the tax basis of the restaurant for Po?
d. Gina purchased a truck for personal use 3 year ago. This year Gina opened her business and used the truck for her business. At that time, the truck had fair market value $5,000 and adjusted tax basis $7,000. What would be the tax basis of the truck for Gina's business?