Question: LO . 1 , 2 Grady exchanges property with a basis of $ 1 2 , 0 0 0 and fair market value of $

LO.1,2 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 Gradys current income, gain, or loss and the basis he takes in his shares of Eadie stock as a result of this transaction.

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