Jeff Jordan Exchanges a Truck Used in His Business Plus

Jeff Jordan exchanges a truck used in his business plus $20,000 cash for a new truck with a fair market value of $34,000. His adjusted basis in the old truck is $16,000 and its fair market value is $14,000. What is Jeff's recognized gain or loss and the basis in the new truck?

A) $0 and $34,000
B) $20,000 gain and $16,000
C) $0 and $36,000
D) $2000 loss and $34,000