Mustafa, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mustafa is contributing $275,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $275,000 and a tax basis of $168,750 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 ofthe following alternative situations? [Hint Look at 351 and 721.]a. MMT is formed as a C corporation. Gain or income to be recognized Mustafa Mickayla Taylor A. Gain or income recognized: Mustafa = Mickayla = Taylor = B. MMT is formed as an S Corporation Gain or income recognized:Mustafa = Mickayla = Taylor = C. MMT is formed as an LLC ( Taxed as a partnership) Gain or income recognized: Mustafa = Mickayla = Taylor =