Grady exchanges qualified property, basis of $40,500 and fair market value of $48,600, 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. Because this transaction the control of the corporation requirement, Grady has of basis in his shares of stock. and $