Frank and Bob Are Equal Members in Soxy Socks, LLC

Multiple Choice

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