Mickey, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mickey is contributing $291,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $291,000 and a tax basis of $218,250 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 §721.] (Leave no answer blank. Enter zero if applicable.) a. MMT is formed as a C corporation.
b. MMT is formed as an S corporation.
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