10. Sammy exchanges land used in his business in a like-kind exchange. The property exchanged is as follows: Property Surrendered Property Received Adj. Basis FMV Adj. Basis FMV Land $44,000 $60,000 $50,000 $43,000 Cash $5,000 $5,000 Liability on land $12,000 $12,000 The other party assumes the liability. a. b. What is Sammy's recognized gain or loss? Explain your answer. What is Sammy's basis for the assets he received