Ed owns a 20% interest in the EFG Company. Ed acquired his shares in a qualified transfer to the company (i.e., nontaxable) by contributing land to the company that had an adjusted basis to him of $40,000 and a FMV of $50,000 on the contribution date. Soon after forming the company, the land is sold by EFG to a third party for $75,000. Assuming EFG is a partnership, how much gain from the sale will be allocated to Ed? $15,000 $7,000 $21,000 $5,000