Required information

$[The$ following information applies $to$ the questions displayed below.$]$

Sam and Devon agree $togo$ into business together selling college$-$licensed clothing. According $to$ the agreement, Sam

will contribute inventory valued $at$ $$166,000in$ return for $80$ percent $of$ the stock $in$ the corporation. Sam's tax basis $in$ the

inventory $is$ $$98,000.$ Devon will receive $20$ percent $of$ the stock $in$ return for providing accounting services $to$ the

corporation $(these$ qualify $as$ organizational expenditures$).$ The accounting services are valued $at$ $$41,500.$

Note: Negative amounts should $be$ indicated $by$ a minus sign. Leave $no$ answer blank. Enter zero $if$ applicable.

$g.$ Assume Devon received $25$ percent $of$ the stock $in$ the corporation $in$ return for his services.

What amount $of$ income, gain, $or$ loss does Devon recognize $on$ the formation $of$ the corporation?

Note: $Do$ not round intermediate calculations. Round your final answer $to$ the nearest whole dollar amount.