A taxpayer is trading real property used solely for business purposes for new real property to be used in his business. The real property originally cost $$35,000$ and he has taken $$18,000$ in depreciation. The old real property is currently worth $$20,000$ and the new real property the taxpayer wants in exchange is only worth $$17,500.$ The taxpayer agrees to assume a liability secured by the new real property of $$1,000.$ The other party also agrees to assume a liability secured by the taxpayer's old real property of $$3,500.$

State the realized gain, recognized gain, and basis in the new property received.