Marvin exchanged real property used for his printing business for new real property. The adjusted basis of the real property he gave up was $15,000. The new real property had a fair market value of $8,000, and Marvin received $8,000 in cash. What is Marvin's basis in the new real property, and how much gain must Marvin recognize on the transaction? Gain $1,000 Ob. Oc. Basis Oa. $15,000 $7,000 SO $16,000 $0 Od. $8,000 $1,000