Joseph exchanged land (tax basis of $34, 000), that he had held for 4 years as an investment, for similar land valued at $42, 000 which was owned by Adrian. In connection with this transaction, Adrian assumed Joseph's $11, 000 mortgage. As a result of this transaction Joseph should report a long-term capital gain of: $0 $8, 000 $11, 000 $19, 000 None of these choices are correct