Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $40,000 in cash and $40,000 worth of equipment. Frank's adjusted basis in the equipment was $25,000. Bob contributed $40,000 in cash and $40,000 worth of land. Bob's adjusted basis in the land was $40,000. On 3/15/X4, Soxy Socks sells the land Bob contributed for $70,000. How much gain (loss) related to this transaction will Bob report on his X4 return?

$30,000.

$45,000.

$15,000.

$45,000.