Required informotion [The following information applies to the questions displayed below] Mustafa, Mickayla, and Taylor are starting a new business (MMT). To get the business started. Mustafa is contributing $260,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $260,000 and a tax basis of $165,000 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 5351 and $721.] Note: Leave no answer blank. Enter zero if opplicable. b. MMT is formed as an S corporation. Required informotion [The following information applies to the questions displayed below] Mustafa, Mickayla, and Taylor are starting a new business (MMT). To get the business started. Mustafa is contributing $260,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $260,000 and a tax basis of $165,000 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 5351 and $721.] Note: Leave no answer blank. Enter zero if opplicable. b. MMT is formed as an S corporation