Exercise 7-6 (Algorithmie) (LO. 2, 5) Logan and Johnathan exchange land, and the exchange qualifies as like kind under $ 1031. Because Logan's land (adjusted basis of $160,500) is worth $192,600 and Johnathan's land has a fair market value of $152,475, Johnathan also gives Logan cash of $40,125. a. Logan's recognized gain is s 32,100 b. Assume that Johnathan's land is worth $173,340 and he gives Logan $19,260 cash. Logan's recognized gain is $ -8,025 X Feedback