Boolos showed in 'The Consistency of Frege's Foundations of Arithmetic' that arithmetic can be recovered from Hume's Principle without Basic Law V, confirming Basic Law V is the locus of contradiction.
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Hume's Principle(Philosophy of mathematics, neo-logicism)
A principle codifying the condition under which two concepts are equinumerous, namely when the number of objects falling under each concept is identical
Locus of contradiction(as the identified problem with Frege's system)
The specific place or source where a logical contradiction (a statement that contradicts itself) occurs in a system.
consistency(Syntactic concept in many-sorted logic)
The syntactic counterpart of satisfiability; corresponds to satisfiability in the same sense as ⊢ corresponds to ⊨