Determine the tax basis of the business asset acquired in each of the following cases:

Required:

Firm L paid $$7,100$ cash plus $$497$ sales tax plus a $$875$ installation charge for a satellite dish.

TTP$,$ Incorporated acquired inventory in exchange for $980$ shares of TTP common stock listed on Nasdaq at $$457$ per share on the date of exchange.

Firm Q acquired machinery in exchange for architectural drawings rendered by Firm$$s Q$$s junior partner. The partner spent $20$ hours on the drawings, and their hourly billing rate is $$635.$

Company C purchased equipment by paying $$2,160$ cash at date of purchase and financing the $$18,900$ balance of the price under a three$-$year deferred payment plan.