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Sam and Devon agree to go into business together selling college$-$licensed clothing. According to the agreement, Sam will contribute inventory valued at $$162,000$ in return for $80$ percent of the stock in the corporation. Sam's tax basis in the inventory is $$83,000.$ 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 $$40,500.$

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

c$.$ What amount of income, gain, or loss does Devon realize on the formation of the corporation? What amount, if any, does Devon recognize?

$\backslash$table$[[$Income$,$ gain, or loss realized,$],[$Income$,$ gain, or loss recognized,$]]$