Sandoval exchanges land used in his business in a like-kind exchange. The property exchanged is as follows. The other party assumes the liability. Property Surrendered Property Received FMV Adj. Basis $44,000 Land Cash Liability on land A. What is Sandoval's recognized gain or loss? B. What is Sandoval's basis for the assets he received? $12,000 FMV $60,000 $12,000 Adj. Basis $50,000 $ 5,000 $43,000 $5,000