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 $188,000) is worth $225,600 and Johnathan's land has a fair market value of $178,600, Johnathan also gives Logan cash of $47,000. a. Logan's recognized gain is $ b. Assume that Johnathan's land is worth $203,040 and he gives Logan $22,560 cash. Logan's recognized gain is $