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Required informotion [The following information applies to the questions displayed below] Mustafa, Mickayla, and Taylor...

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Accounting

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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 altemative situations? [Hint, Look at $351 and $721 ] Note: Leave no answer blank. Enter zero if applicable. c. MMT is formed as an LLC (taxed as a partnership)

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