Required information [The following information applies to the questions displayed below.] Mickey, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mickey is contributing $295,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $295,000 and a tax basis of $173,750 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 of the following alternative situations? [Hint: Look at IRC 351 and 721.] (Leave no answer blank. Enter zero if applicable.) b. MMT is formed as an S corporation. Gain or income to be recognized Mickey Mickayla Taylor [The following information applies to the questions displayed below.] Mickey, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mickey is contributing $295,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $295,000 and a tax basis of $173,750 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 of the following alternative situations? [Hint. Look at IRC 351 and $721.] (Leave no answer blank. Enter zero if applicable.) c. MMT is formed as an LLC (taxed as a partnership). Gain or income to be recognized Mickey Mickayla Taylor