What amount of gain each person required

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Reference no: EM1378206

Three people are starting with business, in which first person is contributing with $200,000 for a 40 % ownership interest, second person is contributing with a building as of value of $200,000 and tax basis of $150,000 for a 40 % ownership interest, and third person is contributing by legal services for a 20 % ownership interest into business as to start that business, what amount of gain each person is required to identify under business if formed as C, S , and LLC corporation?

Reference no: EM1378206

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