Question \#15. (6 points) Jerome and Shasta form an LLC. Jerome and Shasta are equal members of the LLC. Jerome contributes inventory with a tax basis of $3,000 and a value of $3,000, and Shasta contributes land with a tax basis of $3,000 and a fair market value of $3,000. Two years later, when the inventory is worth $3,400 and the land is worth $3,600, Shasta sells her LLC interest to Mason for $3,500. Shasta's outside basis is $3,000 at the time of the sale. The LLC has no liabilities. A. What is Shasta's amount realized on the sale of her LLC interest to Mason? c. What is Shasta's gain recognized on the sale of her LLC interest to Mason? d. What is the character of Shasta's gain recognized (i.e., how much is ordinary income; how much is capital gain)? (Hint: there is a 'hot asset' on the balance sheet!)