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Exercise 7 - 6 ( Algorithmic ) ( LO . 2 , 5 ) Logan and Jonathan exchange land, and the exchange qualifies as like
Exercise AlgorithmicLO
Logan and Jonathan exchange land, and the exchange qualifies as likekind under Because Logan's land adjusted basis of $ is worth $ and Jonathan's land has a fair market value of $ Jonathan also gives Logan cash of $
a Logan's recognized gain is $fill in the blank
b Assume that Jonathan's land is worth $ and he gives Logan $ cash.
Logan's recognized gain is $fill in the blank
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