Morrris, an attorney, performs 5 hours of legal work for Andy. Morrris 's normal billing rate is $120 per hour. Andy, a software consultant, gives Morrris a new computer for his office in payment of the bill. The computer's adjusted basis was $500 and its fair market value is $550. Morrris ' basis in the computer is
A)$- 0 -
B)$500
C)$550
D)$600
E)$1,150

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The Answer of Morrris, an attorney, performs 5 hours of legal work for Andy. Morrris 's normal billing rate is $120 per hour. Andy, a software consultant, gives Morrris a new computer for his office in payment of the bill. The computer's adjusted basis was $500 and its fair market value is $550. Morrris ' basis in the computer is
A)$- 0 -
B)$500
C)$550
D)$600
E)$1,150

Morrris, an Attorney, Performs 5 Hours of Legal Work for Andy