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Required Information

Problem $19-41($LO $19-2)($Static$)$

$[$The following information applles 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 $\backslash (\backslash$$ $100,000\backslash )$ in return for $80$ percent of the stock in the corporation. Sam's tax basis in the inventory is $\backslash (\backslash$$ $60,000\backslash ).$ Devon will recelve $20$ percent of the stock in return for providing accounting services to the corporation $($these qualify as organizational expenditures$).$ The accounting services are valued at $\backslash (\backslash$$ $25,000\backslash ).$

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

Problem $19-41$ Part g $($Static$)$

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