Question: Exercise 13-37 (Algorithmic) (LO. 6) Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logan's land (adjusted basis of

Exercise 13-37 (Algorithmic) (LO. 6) Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logan's land (adjusted basis of $90,500) is worth $108,600 and Johnathan's land has a fair market value of $85,975, Johnathan also gives Logan cash of $22,625.

a. Logan's recognized gain is $ . b. Assume that Johnathan's land is worth $97,740 and he gives Logan $10,860 cash. Logan's recognized gain is $ .

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