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What is Logan recognized gain

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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.

Required -

a. What is Logan's recognized gain?

b. Assume instead that Jonathan's land is worth $90,000 and he gives Logan $10,000 cash. Now what is Logan's recognized gain?

Reference no: EM132659762

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