Exercise $12-2($L$0.2,3)$

Grady exchanges property with a basis of $$12,000$ and fair market value of $$18,000$ for $60\%$ of the stock of Eadie Corporation. Pedro acquired the other $40\%$ of the stock five years ago.

Calculate Grady's current income, gain, or loss and the basis he takes in his shares of Eadie stock as a result of this transaction.

Because this transaction the control of the corporation requirement, Grady has. of and $ basis in his shares of stock.