Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logan's land (adjusted basis of $210,500) is worth $252,600 and Johnathan's land has a fair market value of $199,975, Johnathan also gives Logan cash of $52,625. a. Logan's recognized gain is $fill in the blank 1 . b. Assume that Johnathan's land is worth $227,340 and he gives Logan $25,260 cash. Logan's recognized gain is