Jeff Able is a partner in the Willing and Able partnership. On June 1, 2018, 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?