Calculate the amount of gain or income each owner should recognize in the given scenario.

Problem 15-60 (LO 15-3) (Static) applies to the questions displayed Mickey. Mickayta, and Taylor Starting a new business (MM T). TO get the business Started, Mickey is-contributing $200,000 for a 40 percent ownership interest, Mickay'a is contributing a building wnh a value of $200,000 and a tax basis Of a 40 percent ownership interest, and Taylor is contributing legal for a 20 percent ownership interest. '.Vhat amount of gain or each required to recognize each Of the alternative Situations? [Hint Look at IRC 9351 and S721.] no answer blank. Enter zero if applicable.) Problem 15-60 Part a (Static) a. MMT is formed as a C corporation. Taylor