Logan and johnathan exchange land and the exchange, Ask an Expert

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Logan and Johnathan 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 Johnathan's land has a fair market value of $80,000, Johnathan also gives Logan cash of $20,000. 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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Financial Management, Finance

Category:- Financial Management
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