Both the persist and undying creatures are in exile with at least one takeover counter on them.
The Master on the battlefield as a copy of either the persist or undying creature.
The Master does not have a +1/+1 counter on it if it is a copy of the undying creature, or a -1/-1 counter on it otherwise.
Steps
Activate Ashnod's Altar by sacrificing The Master, adding ({C} magic symbol) ({C} magic symbol) .
When The Master dies, if it was a copy of the undying creature, its undying ability triggers, returning it from your graveyard to the battlefield as a copy of the persist creature with a +1/+1 counter on it.
Otherwise, if The Master was a copy of the persist creature, its persist ability triggers, returning it from your graveyard to the battlefield as a copy of the undying creature with a -1/-1 counter on it.