Frank and Bob are equal members of Soxy Socks, LLC. When forming the LLC, Frank contributed $52,000 in cash and $52,000 worth of equipment. Frank's adjusted basis in the equipment was $37,000. Bob contributed $52,000 in cash and $52,000 worth of land. Bob's adjusted basis in the land was $28,000. On 3/15/X4, Soxy Socks sells the land Bob contributed for $60,000. How much gain (loss) related to this transaction will Bob report on his X4 return?

$8,000

$12,000

$28,000

$36,000

Answer rating: 100% (QA)

Answer 28000 Land Value 52000 Less Bobs Adjusted B... View the full answer