Adam owns land that he purchased for $30,000 in 2015. After using it personally for two years, he converts the land to business use when the land's fair market value is $15,000. He then, sells the land for $42,000 the next year. What is Adams recognized gain or loss on the sale?

Group of answer choices

No gain no loss.

$12,000 gain.

$27,000 gain.

$32,000 gain.