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Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $59,000 in cash and $59,000 worth of equipment. Frank's adjusted basis in the equipment was $44,000. Bob contributed $59,000 in cash and $59,000 worth of land. Bob's adjusted basis in the land was $21,000. On 3/15/X4, Soxy Socks sells the land Bob contributed for $67,000. How much gain (loss) related to this transaction will Bob report on his X4 return? Multiple Choice $8,000 $12,000 $42,000 $50,000