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Logan and Jonathan exchange land, and the exchange qualifies as like-kind under 1031. Because Logan's...

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Accounting

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
.

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