Saved Help Save & Exit Submit 5 Check my work Mickey, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mickey is contributing $220,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $220,000 and a tax basis of $155,000 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 $351 and $721.) (Leave no answer blank. Enter zero if applicable.) Saved Help Save & Exit Submit 5 Check my work c. MMT is formed as an LLC. Gain to be recognized by: Mickey Mickayla Taylor