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Business, 03.04.2020 01:29 coontcakes

Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $50,000 in cash and $50,000 worth of equipment. Frank's adjusted basis in the equipment was $35,000. Bob contributed $50,000 in cash and $50,000 worth of land. Bob's adjusted basis in the land was $30,000. On 3/15/X4, Soxy Socks sells the land Bob contributed for $60,000. How much gain (loss) related to this transaction will Bob report on his X4 return?a. $15,000 b. $10,000 c. $35,000 d. $25,000

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Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $50,000...
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