www.but vehicles are au nei vasis for the truck is $17.500. Is Sue correct? Why or why not 18. LO.2 Logan and Jonathan exchange land, and the exchange qualifies as like kind under 51031, Because Logan's land (adjusted basis of $85,000) is worth $100,000 and Jonathan's land has a fait market value of $80,000, Jonathan also gives Logan cash of $20,000 1. What is Logan's recognized gain? 2. Assume instead that Jonathan's land is worth $90,000 and he gives Logan $10,000 cash Now what is Logan's recognized gain