You are asked to do some research to help out a brother and sister, Gene & Christina with a tax problem. In May of 2019, Gene & Christina exchange land they both held separately for investment. Christina 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, she receives from Gene a 1 acre parcel in Arkansas with a fair market value of $5,500 and cash of $500. His adjusted basis in the land he exchanges is $2,500. In March 2020, Gene sells the Texas land he received form his sister Christina to a third party for $5,800. Please determine the each parties gain recognition-both Gene & Christina. Then determine what are the consequences on the sale Gene made in 2020 (Hint-there are consequences to both Gene & Christina!). (Hint-THIS IS A RESEARCH DOCUMENT not a client letter!) Also, Please use IRS publication 544 for your reference!