Grady exchanges property with a basis of $40,500 and fair market value of $48,600 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 $X and $ X basis in his shares of stock