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LO 12-3 research 60. Mickey, Mickayla, and Taylor are starting a new business (MMT). To...

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LO 12-3 research 60. Mickey, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mickey is contributing $200,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $200,000 and a tax basis of $150,000 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 IRC $$351 and 721.] a) MMT is formed as a C corporation. b) MMT is formed as an S corporation. c) MMT is formed as an LLC

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