25. T and S exchange land, and the exchange qualifies as like kind under 1031. Because T's land (adjusted basis of $85,000) is worth $100,000 and S's land has a fair market value of $80,000, S also gives T cash of $20,000. a. Ts recognized gain b. Assume that Ss land is worth $90,000 and he gives T $10,000 cash. What is Ts recognized gain?