Jeff Able is a partner in the Willing and Able partnership. On June 1, 2019, Jeff transfers property to the partnership that has a fair market value of $60,000 and an adjusted basis to Jeff of $10,000. Three weeks later, the Willing and Able partnership transfers $40,000 cash to Jeff. Willing and Able would not have transferred the cash to Jeff if he hadn't first transferred the property. What are the tax consequences of the transactions to Jeff?