Hello,
first, calculate what you received cash 12,000
+ FMV property 65,000
less the debt 52,000
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you got 25,000
less BV of your property 70,000
plus relief of debt 60, 000
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realized gain 15,000
Recognized gain is the lesser of Realized gain 15, 000 or boot received 60, 000 (debt relief in this case) = 15,000
New basis = BV given+Gain recognize + boot paid or liability received-Boot received or liability paid
= 70,000+15,000+52,000-60,000=77,000
Hope this helps.