Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logan's land (adjusted basis of $205,500) is worth $246,600 and Johnathan's land has a fair market value of $195,225, Johnathan also gives Logan cash of $51,375. a. Logan's recognized gain is $fill in the blank 1 . b. Assume that Johnathan's land is worth $221,940 and he gives Logan $24,660 cash. Logan's recognized gain is $fill in the blank 2 .