Reilly contributes a personal use asset with an adjusted basis of $66,000 and a fair market value of $121,000 on the contribution date Determine if any gain or loss is recognized and the basis under the following circumstances If the answer is zero enter '0' a. Reilly contributes the asset to a sole proprietorship Does Reilly recognize a gain or loss? Amount if gain or loss recognized: The sole proprietorship's basis for the asset is b. Reilly contributes the asset to a partnership for 42% interest: Does Reilly recognize a gain or loss? Amount if gain or loss recognized: The partnership's basis for the asset is C. Reilly contributes the asset to a corporation for 8% interest. Assume that the control requirement is satisfied: Does Reilly recognize a gain or loss? Amount if gain or loss recognized: The corporation's basis for the asset is