Logan and Jonathan exchange land, and the exchange qualifies as like$-$kind under $1031.$ Because Logan's land $($adjusted basis of $$120,500)$ is worth $$144,600$ and Jonathan's land has a fair market value of $$114,475,$ Jonathan also gives Logan cash of $$30,125$

a$.$ Logan's recognized gain is $

b$.$ Assume that Jonathan's land is worth $$130,140$ and he gives Logan $$14,460$ cash.

Logan's recognized gain is $