Exercise 7-6 (Algorithmic) (LO. 2, 5) Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logan's land (adjusted basis of $178,000) is worth $213,600 and Johnathan's land has a fair market value of $169,100, Johnathan also gives Logan cash of $44,500. a. Logan's recognized gain is s b. Assume that Johnathan's land is worth $192,240 and he gives Logan $21,360 cash. Logan's recognized gain is s