Sammy Exchanges Land Used in His Business in a Like-Kind

Essay

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