Roscoe contributes a personal use asset with an adjusted basis of $15,000 and a fair market value of $28,000 on the date of the contribution. Determine if any gain or loss is recognized and the basis under the following circumstances. If no gain or loss is recognized, select "No gain or loss" from the drop down and enter "0" a. Roscoe contributes the asset to a sole proprietorship. Does Roscoe recognize a gain or loss? No gain or loss Amount if gain or loss recognized: $ 28,000 The sole proprietorship's basis for the asset is $15,000 b. Roscoe contributes the asset to a partnership for 10% interest. Does Roscoe recognize a gain or loss? No gain or loss Amount if gain or loss recognized: $13,000 The partnership's basis for the asset is $15,000 c. Roscoe contributes the asset to a corporation for 25% interest. Assume sect 351 control requirement is satisfied. Does Roscoe recognize a gain or loss? No gain or loss Amount if gain or loss recognized: $13,000 The corporation's basis for the asset is $15,000