Module 8 Chapter 19 Homework Saved 3 Required information The following information applies to the questions displayed below. points Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam's tax basis in the inventory is $60,000 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 $25,000. (Leave no answer blenk. Enter zero if applicable.) eBook Assume Devon received 25 percent of the stock in the corporation in return for his services. Print e. What amount of gain or loss does Sam recognize on the formation of the corporation? References Gain or loss re