Exercise 7-6 (Algorithmic) (10. 2,5) Logan and Johnathan exchange land, and the exchange qualifies as like kind under $ 1031. Because Logan's land (adjusted basis of $120.500) is worth $144,600 and Johnathan's land has a fair market value of $114,475, Johnathan also gives Logan cash of $30,125. a. Logan's recognized gain is b. Assume that Johnathan's land is worth $130,140 and he gives Logan $14,460 cash. Logan's recognized gain is si