35.

Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $53,000 in cash and $53,000 worth of equipment. Frank's adjusted basis in the equipment was $38,000. Bob contributed $53,000 in cash and $53,000 worth of land. Bob's adjusted basis in the land was $27000. On 3/15X4, Soxy Socks sells the land Bob contributed for $61,000. How much gain (loss) related to this transaction will Bob report on his X4 return? Multiple Choice $8,000 $12.000 $30.000 $38.000