Question: Tax Drill - Section 3 5 1 Control Determine the effects of 3 5 1 for the following taxpayers. If an amount is zero, enter

Tax Drill - Section 351 Control
Determine the effects of 351 for the following taxpayers.
If an amount is zero, enter "0".
a.Grady exchanges qualified property, basis of $12,000 and fair market value of $18,000, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it five years ago.

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