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 entory valued at $100,000 in return for 80 perce the inventory is 560,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualified as organizational expenditures). The accounting services are valued at $25,000. Enter 50 ifo or not applicable. Sam Devon Realized Gain Boot Received Recognized Gain Tax Basis in Shares Corp. Basis in Property 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 entory valued at $100,000 in return for 80 perce the inventory is 560,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualified as organizational expenditures). The accounting services are valued at $25,000. Enter 50 ifo or not applicable. Sam Devon Realized Gain Boot Received Recognized Gain Tax Basis in Shares Corp. Basis in Property