Question: Roscoe contributes a personal use asset with an adjusted basis of $15,000 and a fair market value of $28,000 on the contribution date. Determine if

Roscoe contributes a personal use asset with an adjusted basis of $15,000 and a fair market value of $28,000 on the contribution date. Determine if any gain or loss is recognized and the basis under the following circumstances.

a. Roscoe contributes the asset to a sole proprietorship.

b. Roscoe contributes the asset to a partnership for 10% interest.

c. Roscoe contributes the asset to a corporation for 25% interest. (Assume § 351 control requirement is satisfied.)

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