Mickey, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mickey is contributing $280,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $280,000 and a tax basis of $170,000 for a 40 percent ownership interest, and Taylor is contributing legal services for a 20 percent ownership interest. What amount of gain is each owner required to recognize under each of the following alternative situations? [Hint: Look at IRC 351 and 721.] (Leave no answer blank. Enter zero if applicable.)

a. MMT is formed as a C corporation.