Question: Roscoe contributes a personal-use asset, adjusted basis $15,000 and fair market value $28,000, to a new business in which he is an owner. Determine Roscoe's

Roscoe contributes a personal-use asset, adjusted basis $15,000 and fair market value $28,000, to a new business in which he is an owner. Determine Roscoe's recognized gain on the transfer, and the basis of the asset to the business, if the new operation is a:
a. Sole proprietorship.
b. Partnership, where Roscoe holds a 10% interest.
c. Corporation, where Roscoe holds a 25% interest and all shareholders contribute assets for stock in the transaction?

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