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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 $\backslash$$$154,000$ in return for $80$ percent of the stock in the corporation. Sam's tax basis in the inventory is $\backslash (\backslash$$ $92,000\backslash ).$ 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 $\backslash$$$38,500.$

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

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

What amount of income, gain, or loss does Devon recognize on the formation of the corporation?

Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.

Answer is complete but not entirely correct.