Exercise $18-1($Algorithmic$)($L$0.4)$

Roscoe contributes a personal use asset, adjusted basis $$46,800$ and fair market value

$$84,240,$ 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:

If the answer is zero enter $\text{'}0\text{'}.$

a$.$ Sole proprietorship.

Does Roscoe recognize a gain or loss?

Amount if gain or loss recognized: $

The sole proprietorship's basis for the asset is $

b$.$ Partnership in which Roscoe holds a $65\%$ interest.

Does Roscoe recognize a gain or loss?

Amount if gain or loss recognized: $

The partnership's basis for the asset is $

c$.$ Corporation in which Roscoe holds a $60\%$ interest and all shareholders contribute assets

for stock in the transaction.

Does Roscoe recognize a gain or loss?

Amount if gain or loss recognized: $

The corporation's basis for the asset is $