Calculate logans recognized gain is fill in the blank two

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Problem

Logan and Jonathan exchange land, and the exchange qualifies as like kind under § 1031. Because Logan's land (adjusted basis of $85,000) is worth $100,000 and Jonathan's land has a fair market value of $80,000, Jonathan also gives Logan cash of $20,000.

Problem 1. Logan's recognized gain is $fill in the blank 1.

Problem 2. Assume that Jonathan's land is worth $90,000 and he gives Logan $10,000 cash. Logan's recognized gain is $fill in the blank 2.

Reference no: EM133208323

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