Grady exchanges qualified property, basis of $23,000 and fair market value of $27,600, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it 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. of $ 4,600 Because this transaction does not meet the control of the corporation requirement, Grady has a gain and $ basis in his shares of stock