Frank and Bob Are Equal Members in Soxy Socks, LLC

question 20

Multiple Choice

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)$10,000
• B)$15,000
• C)$25,000
• D)$35,000

Acknowledge the influence of sociobiology and evolutionary psychology in understanding behaviors.

Understand the process of cultural production and the dynamics of multiculturalism.

Realize the impact of specialized skills and cooperation in achieving collective goals.

Understand the concept of genes and their role in hereditary traits.

---

Definitions:

Ears

Organs of hearing that are also essential for maintaining equilibrium.

Blurred Vision

A lack of sharpness and clarity in vision, making objects appear out of focus.

Diabetic Retinopathy

An eye condition that occurs in patients with diabetes, characterized by damage to the blood vessels of the light-sensitive tissue at the back of the eye (retina).

Pathology

The medical specialty that involves the study of diseases and their causes, processes, development, and consequences.