Elwood received a liquidating distribution from Lopas Corp. as part of a redemption of all of its stock. Elwood's basis for his lopas stock was $10,000. In exchange for his stock, Elwood received property with a $ 10,000 basis and a $35,000 fair market value that is subject to a $18,000 mortgage, and also received cash of $15,000.

What is Elwood's realized and recognized gain from this complete liquidation? Determine Elwood's tax basis for the non cash property he received?