Roscoe contributes to a business entity a personal use asset with an adjusted basis of $34,800 and a fair market value of $62,640 on the date of the contribution. Determine whether Roscoe recognizes any gain or loss on the contribution, and determine the basis of the asset to the entity under each of the following circumstances.

Roscoe contributes the asset to a sole proprietorship. Does Roscoe recognize a gain or loss?

Amount if gain or loss recognized: $fill in the blank 2 The sole proprietorship's basis for the asset is $fill in the blank 3.

Roscoe contributes the asset to a partnership for 55% interest. Does Roscoe recognize a gain or loss?

Amount if gain or loss recognized: $fill in the blank 5 The partnership's basis for the asset is $fill in the blank 6.

Roscoe contributes the asset to a corporation for 60% interest. Assume that the control requirement is satisfied. Does Roscoe recognize a gain or loss?

Amount if gain or loss recognized: $fill in the blank 8 The corporation's basis for the asset is $fill in the blank 9.