Happy Corporation is formed when Adam contributes land with an FMV of $30,000 and a basis of $20,000 and Gilmore contributes cash of $30,000. Adam and Gilmore share profits and lo5ses 50/50. When Happy Corporation sells the land two years later for a sale price of $50,000, Adam must recognize a gain of A) $10,000. B) $20,000 C) $30,000 D) 540,000