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: $ The sole proprietorships basis for the asset is $.

b. Roscoe contributes the asset to a partnership for 10% interest. Does Roscoe recognize a gain or loss? Amount if gain or loss recognized: $ The partnerships basis for the asset is $.

c. Roscoe contributes the asset to a corporation for 25% interest. Assume 351 control requirement is satisfied. Does Roscoe recognize a gain or loss? Amount if gain or loss recognized: $ The corporations basis for the asset is $