Adept owns a talking duck that has a unique speech impediment. Adept paid $100 for the duck. She recently accepted 100 shares of Macrosoft, Inc. stock for the duck, from Frank, a collector. The Macrosoft stock cost Frank $600 and was worth $120,000 when he transferred it to Adept. Macrosoft stock trades on the New York Stock Exchange.

a. How much income does Adept have on selling the duck?

b. What is Adepts basis in the Macrosoft Stock?

c. How much gain, if any, did Frank have when he acquired the duck?

d. What is Franks basis in the duck?