Partner V is a one-fourth partner in a partnership with $12,000 of accounts receivable with a zero basis, capital assets of $16,000 with an $8,000 basis, and no liabilities. If partner V receives $7,0

Partner V is a one-fourth partner in a partnership with $12,000 of accounts receivable with a zero basis, capital assets of $16,000 with an $8,000 basis, and no liabilities. If partner V receives $7,000 of accounts receivable from the partnership in exchange for his entire interest, which of the following is deemed to occur?

Partner V need not recognize any gain or loss.

Partner V must recognize a capital gain of $2,000.

Partner V must recognize ordinary income of $3,000.

Partner V must recognize a capital gain of $5,000.