Roscoe contributes a personal use asset, adjusted basis $42,000 and fair market value $75,600, 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 ' 0 '. 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 35% 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 65% 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 $