Lana and Mike form LM general partnership. Each person receives an equal interest in the newly created partnership. Lana contributes $4,000 of cash and land with an FMV of $68,000. Her basis in the land is $34,000. Mike contributes equipment with an FMV of $26,000 and a building with an FMV of $48,000. His basis in the equipment is $22,000, and his basis in the building is $34,000. How much gain must the LM general partnership recognize on the transfer of these assets from Lana and Mike? $4,000 $0 $48,000 $52,000