Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logans 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. Logans recognized gain is $.

b. Assume that Johnathan's land is worth $173,340 and he gives Logan $19,260 cash. Logans recognized gain is $.