For each of the following situations, identify the property's adjusted basis and briefly explain how you determined the adjusted basis amount.
a.Mei-ling purchased 150 shares of MAPCO stock for $5,400 in 2005. On February 28, 2018, Mei-ling purchased another lot of 150 shares of identical stock for $3,750. Mei-ling sells the original 150 shares of MAPCO stock for $3,300 on March 15, 2018. What is Mei-ling's basis in the 150 shares she purchased February 28, 2018?
b.Ralph gives Linda 500 shares of Money Maker common stock. The stock cost Ralph $30,000 several years earlier. The stock is worth $50,000 on the date it is given to Linda, and Ralph pays $1,500 of gift tax on the transfer. What is Linda's basis in the stock if she sells it for $20,000?
c.Assume the same facts as in part b, except that the fair market value of the stock on the date of the gift is $25,000.
d.Leon receives a van as a gift from his father. His father's basis in the van is $30,000. The fair market value at the date of the gift is $20,000. A gift tax of $2,000 is paid on the gift. Leon uses the van in his pizza delivery service for three years, at which time he sells it for $8,000. During the three years he used the van in his business, Leon deducts $10,000 in depreciation on the van.
e.Bonita owns a house that she used as a residence until this year. She paid $150,000 for the house on November 4, 2003. On April 4, 2018, Bonita purchases a new residence and converts the former residence into office space to use in her real estate business. The former residence is worth $180,000 on April 4, 2018.?

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The Answer of For each of the following situations, identify the property's adjusted basis and briefly explain how you determined the adjusted basis amount.
a.Mei-ling purchased 150 shares of MAPCO stock for $5,400 in 2005. On February 28, 2018, Mei-ling purchased another lot of 150 shares of identical stock for $3,750. Mei-ling sells the original 150 shares of MAPCO stock for $3,300 on March 15, 2018. What is Mei-ling's basis in the 150 shares she purchased February 28, 2018?
b.Ralph gives Linda 500 shares of Money Maker common stock. The stock cost Ralph $30,000 several years earlier. The stock is worth $50,000 on the date it is given to Linda, and Ralph pays $1,500 of gift tax on the transfer. What is Linda's basis in the stock if she sells it for $20,000?
c.Assume the same facts as in part b, except that the fair market value of the stock on the date of the gift is $25,000.
d.Leon receives a van as a gift from his father. His father's basis in the van is $30,000. The fair market value at the date of the gift is $20,000. A gift tax of $2,000 is paid on the gift. Leon uses the van in his pizza delivery service for three years, at which time he sells it for $8,000. During the three years he used the van in his business, Leon deducts $10,000 in depreciation on the van.
e.Bonita owns a house that she used as a residence until this year. She paid $150,000 for the house on November 4, 2003. On April 4, 2018, Bonita purchases a new residence and converts the former residence into office space to use in her real estate business. The former residence is worth $180,000 on April 4, 2018.?

For Each of the Following Situations, Identify the Property's Adjusted