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