Question: i need number 2 please with an explaination 1. Billy received 100 shares of stock from his uncle Ray. Ray purchased the stock eight years

i need number 2 please with an explaination

1. Billy received 100 shares of stock from his uncle Ray. Ray purchased the stock eight years ago for $12 a share. The fair market value on the date of Ray's death was $9 a share and the fair market value six months after the date of death was $10 a share. Assume that Billy inherited the stock and the administrator elected the alternate valuation date. What is Billy's per-share basis in the acquired stock? a. $9 c. $10 b. $9.50 d. $12 2. Refer to question #1. Assume instead that Billy received the stock as a gift from Uncle Ray two years ago, when the fair market value of the stock was $8 per share, and assume that he sold the stock this year for $6 a share. What is Billy's per-share basis in the stock to determine his gain or loss on the sale? a. $0 c. $8 b. $6 d. $12

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