David exchanged his real estate (adjusted basis $50,000, FMV $80,000) held for investment for another real estate (adjusted basis $55,000, FMV $75,000) held for investment and received $10,000 in cash. What gain must be recognized by David and what is his adjusted tax basis in the new asset, respectively? Recognized gain: $5,000; Adjusted tax basis: $50,000 Recognized gain: $0; Adjusted tax basis: $50,000 Recognized gain: $5,000; Adjusted tax basis: $55,000 Recognized gain: $10,000; Adjusted tax basis: $50,000