Chester exchanged land used in his business plus $26,000 in cash for like kind real estate. Chester had an adjusted basis in the land of $27,000 and it's fair market value was $32.000 at the date of exchange. The new property that Chester received had a fair market value of $58,000. What is Chester's recognized gain on this exchange and his tax basis of the new property he received? 15.000 recopied pin and $53.000 basis in the new property 50 recognized in, and $53.000 basis in the new property 50 recogniand gin and $27.000 basis in the new property $1.000 gain, and $58.000 basis in the new property $26.000 pnd gain, and $53.000 basis in the new property