Logan and Jonathan exchange land, and the exchange qualifies as like$-$kind under $1031.$ Because Logan's land $($adjusted basis of $$163,000)$ is worth $$195,600$ and Jonathan's land has a fair market value of $$154,850,$ Jonathan also gives Logan cash of $$40,750.$

a$.$ Logan's recognized gain is $fill in the blank $1$

$.$

b$.$ Assume that Jonathan's land is worth $$176,040$ and he gives Logan $$19,560$ cash.

Logan's recognized gain is $fill in the blank $2$

$.$