Facts and information listed below is needed to resolve questions below: In 2019, Jim exchanges real property in a like kind exchange. Jim receives real property with a fair market value of $78,000 and transfers a property with a fair market value of $70,000 and $8,000 in cash. Jim's adjusted basis in the property is $45,000. What is Jim's realized and recognized gain? A. $33,000 Realized and $33,000 Recognized. B. $33,000 Realized and $0 Recognized. C. $33,000 Realized and $25,000 Recognized D. $33,000 Realized and $8,000 Recognized E. $0 Realized and $25,000 Recognized What is Jim's basis in the land that he receives? A. $8,000 B. $70,000. C. $78,000 D. $45,000 E. $62,000