Matthew Exchanges an Investment Apartment Building for a Parcel of Land.The

Matthew exchanges an investment apartment building for a parcel of land.The apartment building has a fair market value of $80,000 and an adjusted basis of $95,000.The land's value is $60,000.Matthew receives $20,000 cash in the exchange.What is Matthew's recognized gain or (loss)on the exchange and his basis in the land?
$\begin{array}{lr}\text { Gain (Loss) Recognized } & \text { Basis } \\a.\$-0- & \$ 75,000 \\b.\$(15,000) & \$ 65,000 \\c.\$(35,000) & \$ 85,000 \\d.\$ 20,000 & \$ 30,000 \\e.\$ 15,000 & \$ 35,000\end{array}$