! Required information [The following information applies to the questions displayed below.] Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $146,000 in return for 80 percent of the stock in the corporation. Sam's tax basis in the inventory is $79,000. 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 $36,500. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.) c. What amount of income, gain, or loss does Devon realize on the formation of the corporation? What amount, if any, does he recognize? $ 30,500 X Income, gain, or loss realized Income, gain, or loss recognized $ 30,500 X