You are asked to do some research to help out a brother and sister, Jessica & Chris with a tax problem. In May of 2018, Jessica & Chris exchanged land they both held separately for investment. Jessica gives up a 2 acre parcel in Texas with an adjusted basis of $2,000 and a fair market value of $6,000. In return for this property, Jessica receives from Chris a 1 acre parcel in Arkansas with a fair market value of $5,500 and cash of $500. Chris's adjusted basis in the land he exchanges is $2,500. In March 2019, Chris sells the Texas land he received form his sister Jessica to a third party for $5,800. Please determine the each parties gain recognition-both Jessica & Chris. Then determine what are the consequences on the sale Chris made in 2019 (Hint-there are consequences to both Jessica & Chris). Please use IRS publication 544 for your reference!