Business, 24.05.2021 16:20 chaseashley24

Logan and Johnathan exchange land, and the exchange qualifies as like kind under § 1031. Because Logan's land (adjusted basis of $95,500) is worth $114,600 and Johnathan's land has a fair market value of $90,725, Johnathan also gives Logan cash of $23,875. a. What is Logan's recognized gain?
b. Assume instead that Johnathan's land is worth $90,000 and he gives Logan $10,000 cash. Now what is Logan's recognized gain?

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Logan and Johnathan exchange land, and the exchange qualifies as like kind under § 1031. Because Log...

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