Frank and Bob are equal members in Soxy Socks, LLC$.$ When forming the LLC$,$ Frank contributed $$50,000$ in cash and $$50,000$ worth of equipment. Frank's adjusted basis in the equipment was $$35,000.$ Bob contributed $$50,000$ in cash and $$50,000$ worth of land. Bob's adjusted basis in the land was $$30,000.$ On $3/15/$X$4,$ Soxy Socks sells the land Bob contributed for $$60,000.$ How much gain $($loss$)$ related to this transaction will Bob report on his X$4$ return?

Group of answer choices

$$10,000$

$$15,000$

$$25,000$

$$35,000$

Group of answer choices

$$80,000$ inventory basis, $$0$ JM basis

$$40,000$ inventory basis, $$0$ JM basis

$$40,000$ inventory basis, $$15,000$ JM basis

$$80,000$ inventory basis, $$15,000$ JM basis

Group of answer choices

Neither partner recognizes any gain or loss.

Each partner recognizes $$20,000$ ordinary income.

Sam recognizes $$20,000$ ordinary income and Fred recognizes no gain or loss.

Sam recognizes $$20,000$ ordinary income and Fred recognizes $$14,000$ capital gain.Sam and Fred form the SF Partnership.$$ Sam transfers $$20,000$ services and Fred transfers land $($held for investment$)$ with a basis of $$6,000$ and a FMV of $$40,000.$ Both Sam and Fred receive a $50\%$ capital and $50\%$ profits interest. What are the tax implications?

Group of answer choices

Neither partner recognizes any gain or loss.

Each partner recognizes $$20,000$ ordinary income.

Sam recognizes $$20,000$ ordinary income and Fred recognizes no gain or loss.

Sam recognizes $$20,000$ ordinary income and Fred recognizes $Sam and Fred form the SF Partnership.$$ Sam transfers $$20,000$ services and Fred transfers land $($held for investment$)$ with a basis of $$6,000$ and a FMV of $$40,000.$ Both Sam and Fred receive a $50\%$ capital and $50\%$ profits interest. What are the tax implications?

Sam and Fred form the SF Partnership.$$ Sam transfers $$20,000$ services and Fred transfers land $($held for investment$)$ with a basis of $$6,000$ and a FMV of $$40,000.$ Both Sam and Fred receive a $50\%$ capital and $50\%$ profits interest. What are the tax implications?

Group of answer choices

Neither partner recognizes any gain or loss.

Each partner recognizes $$20,000$ ordinary income.

Sam recognizes $$20,000$ ordinary income and Fred recognizes no gain or loss.

Sam recognizes $$20,000$ ordinary income and Fred recognizes $$14,000$ capital gain.