sam and devon agree to go into business together selling college licensed clothing. According to the agreement, Sam will contribute inventory $166000$ in return for $8-$ percent stock in the corporation. Sam tax basis in inventory $98000$ deveon will receive $20$ percent of the stock in return for providing accounting services to the corporation. The accounting service are valued at $41500.$ Assume devon received $25$ percent of the stock in the corporation in return for his services. What amount of income, gain. or loss does deveon recognize on the formation of the corporation?