Exercise 15-16 (Algorithmic) (LO. 2) Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logan's land (adjusted basis of $215,500) is worth $258,600 and Johnathan's land has a fair market value of $204,725, Johnathan also gives Logan cash of $53,875. a. Logan's recognized gain is $ b. Assume that Johnathan's land is worth $232,740 and he gives Logan $25,860 cash. Logan's recognized gain is $