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Logan and Jonathan exchange land, and the exchange qualifies as like - kind under 1 0 3 1 . Because Logan's land ( adjusted basis

Logan and Jonathan exchange land, and the exchange qualifies as like-kind under 1031. Because Logan's land (adjusted basis of $190,500) is worth $228,600 and Jonathan's land has a fair market value of $180,975, Jonathan als
a. Logan's recognized gain is $
b. Assume that Jonathan's land is worth $205,740 and he gives Logan $22,860 cash.
Logan's recognized gain is $
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