Fred and Dorothy operate an accounting firm as partners. On 1 March 2020, they admitted a new partner into the partnership. The terms of the agreement provided that the profits of the partnership are to be shared equally. The partnerships net income for the year ended 30 June 2020 was $200,000. On 1 June 2020, Fred assigned half of his share in the partnership to his wife for a consideration of $80,000. Explain the tax consequence arising from this event.