The PW partnership's balance sheet includes the following assets immediately before it liquidates: Basis FMV Cash $10,000 $10,000 Unrealized receivables -0- 10,000 Total $10,000 $20,000 In complete liquidation, PW distributes the cash to Wade and the unrealized receivables to Pamela (equal partners). Pamela and Wade each have an outside basis in PW equal to $5,000. PW has no liabilities at the time of the liquidation. What is the amount and character of Wade's recognized gain or loss