Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logans land (adjusted basis of $130,500) is worth $156,600 and Johnathan's land has a fair market value of $123,975, Johnathan also gives Logan cash of $32,625.

a. Logans recognized gain is $.

b. Assume that Johnathan's land is worth $140,940 and he gives Logan $15,660 cash. Logans recognized gain is $.