Mustafa, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mustafa is contributing $300,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $300,000 and a tax basis of $175,000 for a 40 percent ownership interest, and Taylor is contributing legal services for a 20 percent ownership interest. What amount of gain or income is each owner required to recognize under each of the following alternative situations? [Hint: Look at 351 and 721.]

Note: Leave no answer blank. Enter zero if applicable.