Exchange land and the exchange qualifies

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Reference no: EM13905749

Logan and Johnathan exchange land, and the exchange qualifies as like kind under § 1031. Because Logan’s land (adjusted basis of $100,500) is worth $120,600 and Johnathan's land has a fair market value of $95,475, Johnathan also gives Logan cash of $25,125.

Logan’s recognized gain is $_______

Assume that Johnathan's land is worth $108,540 and he gives Logan $12,060 cash.

Logan’s recognized gain is $_______

Reference no: EM13905749

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