UEI is selling its 40% interest in the Live and Let Die Partnership for $120,000. UEI's outside basis in Live and Let Die is $120,000. Live and Let Die holds two assets, stock held as an investment (basis of $200,000; FMV of 0) and land held for sale to customers (basis of $100,000; FMV of $300,000). The partnership has no liabilities. Bond says that since UEI's basis in the partnership equals the selling price, there should be no gain or loss on the sale (and thus no tax consequences to UEI). Is Bond right?