Carey exchanges real estate for other real estate in a qualifying like-kind exchange. carey's basis in the real estate given up is $120,000, and the property has a fair market value of $165,000. in exchange for her property, carey receives real estate with a fair market value of $100,000 and cash of $15,000. in addition, the other party to the exchange assumes a mortgage loan on carey's property of $50,000. a. calculate carey's recognized gain, if any, on the exchange. $ b. calculate carey's basis in the property received.