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Tom is talking to his friend Bob, who has an interest in Freedom, LLC, about purchasing his LLC interest. Bob's outside basis in Freedom, LLC, is $7,000. This includes his $1,900 one-fourth share of the LLC's debt. Bob's 704 (b) capital account is $14,000. If Tom bought Bob's LLC interest for $11,000, what would Tom's outside basis be in Freedom, LLC? Multiple Choice $7.000 $9,100 $12,900 $11,000 Sue and Andrew form SA general partnership. Each person receives an equal interest in the newly created partnership. Sue contributes $23,000 of cash and land with an FMV of $68,000. Her basis in the land is $33,000. Andrew contributes equipment with an FMV of $25,000 and a building with an FMV of $46,000. His basis in the equipment is $21,000, and his basis in, the building is $33,000. How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew? Multiple Choice $4,000 $48,000 $0 $52,000