Jack exchanged land with an adjusted basis of $65,000 subject to a liability of $22,000 for $50,000 (FMV) of stock owned by Hayden. Hayden takes the land subject to the liability. Jack incurs$500 of selling expenses.  What is the amount of Jack's realized gain on the exchange?

a.  ($14,000) loss

b. ($14,500) loss

c. $6,500 gain

d. $7,000 gain