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 $225.000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $225,000 and a tax basis of $156,250 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 $351 and 5721.) (Leave no answer blank. Enter zero if applicable.) a. MMT is formed as a C corporation. Gain to be recognized 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 $225.000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $225,000 and a tax basis of $156,250 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 $351 and 5721.] (Leave no answer blank. Enter zero if applicable.) b. MMT is formed as an S corporation. Gain to be recognized 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 $225.000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $225,000 and a tax basis of $156,250 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 $351 and 5721.] (Leave no answer blank. Enter zero if applicable.) c. MMT is formed as an LLC. Gain to be recognized