The Net Partnership has four partners, with each having a 25% interest in the partnership. The partners share all losses equally, but in accordance with a special allocation, the partnership agreement allocates a ll gains and profits to Partners 1, 2, and 3, but none to Partner 4. The partnership has two assets. Asset 1 has a builtin gain of $2.4 million, and Asset 2 has built-in loss of $2.4 million. If a new partner purchases Partner 4's partnership interest, will a mandatory basis adjustment apply to the new partner?