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Business, 12.03.2021 15:10 lelliott86

Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $51,000 in cash and $51,000 worth of equipment. Frank's adjusted basis in the equipment was $36,000. Bob contributed $51,000 in cash and $51,000 worth of land. Bob's adjusted basis in the land was $29,000. On 3/15/X4, Soxy Socks sells the land Bob contributed for $59,000. How much gain (loss) related to this transaction will Bob report on his X4 return

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Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $51,000...
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