D 11. Gail exchanged real property having an adjusted basis of $135,000, subject to a mortgage of $100,000, for similar property with FMV of $155,000 and adjusted basis of S125,000, plus $25,000 in cash. The other party assumed the mortgage. The exchange qualifies as an IRC 5 1031 exchange. What is Gail's recognized gain on this transaction? O a $145,000 ob $125,000 O c. $25,000 od. SO 11