Determine the tax basis of the business asset acquired in each of the following cases: Required: Firm L paid $10,600 cash plus $742 sales tax plus a $680 installation charge for a satellite dish. TTP, Incorporated acquired inventory in exchange for 840 shares of TTP common stock listed on Nasdaq at $319 per share on the date of exchange. Firm Q acquired machinery in exchange for architectural drawings rendered by Firms Qs junior partner. The partner spent 20 hours on the drawings, and their hourly billing rate is $420. Company C purchased equipment by paying $2,550 cash at date of purchase and financing the $21,150 balance of the price under a three-year deferred payment plan