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Determine the basis of the asset to the entity

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Problem - Roscoe contributes to a business entity a personal use asset with an adjusted basis of $15,000 and a fair market value of $28,000 on the contribution date. 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.

a. Roscoe contributes the asset to a sole proprietorship.

b. Roscoe contributes the asset to a partnership for 10% interest.

c. Roscoe contributes the asset to a corporation for 25% interest. (Assume that the control requirement is satisfied.)

Reference no: EM132649394

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