Josh and Jack form JJ GP. Each person receives an equal interest in the newly created partnership. Josh contributes $10,000 of cash and land with an FMV of $55,000. His basis in the land is $20,000. Jack contributes equipment with an FMV of $12,000 and a building with an FMV of $33,000. His basis in the equipment is $8,000, and his basis in the building is $20,000. How much gain must JJ GP recognize on the transfer of these assets from Josh and Jack? None of the answers are correct. $4,000 $52,000 $0 $48,000