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