Logan and Jonathan exchange land, and the exchange qualifies as like$-$kind under $1031.$ Because Logan's land $($adjusted basis of $$168,000)$ is worth $$201,600$ and Jonathan's land has a fair market value of $$159,600,$ Jonathan also gives Logan cash of $$42,000.$

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

$.$

b$.$ Assume that Jonathan's land is worth $$181,440$ and he gives Logan $$20,160$ cash.

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

$.$