Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $44,000 in cash and $44,000 worth of equipment. Frank's adjusted basis in the equipment was $29,000. Bob contributed $44,000 in cash and $44,000 worth of land. Bob's adjusted basis in the land was $36,000. On 3/15/X4, Soxy Socks sells the land Bob contributed for $66,000. How much gain (loss)related to this transaction will Bob report on his X4 return?
A)$22,000
B)$33,000
C)$19,000
D)$41,000

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The Answer of Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $44,000 in cash and $44,000 worth of equipment. Frank's adjusted basis in the equipment was $29,000. Bob contributed $44,000 in cash and $44,000 worth of land. Bob's adjusted basis in the land was $36,000. On 3/15/X4, Soxy Socks sells the land Bob contributed for $66,000. How much gain (loss)related to this transaction will Bob report on his X4 return?
A)$22,000
B)$33,000
C)$19,000
D)$41,000

Frank and Bob Are Equal Members in Soxy Socks, LLC