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$600. What are the tax consEY contributed $1,000 for his one-third partnership interest in profits...

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$600. What are the tax consEY contributed $1,000 for his one-third partnership interest in profits and loss. 2. Ernesto and Fran are general partners in the EF partnership. Ernesto Fran contributed $2,000 for a two-thirds partnership interest in profits and loss. The partnership borrowed $1,200 to invest in marketable securities , which it purchased for $4,200. When the partnership assets had appreciated to $4,800, Ernesto sold one-half of his general partnership interest to Gary for $600 cash. What is the tax consequence to Ernesto of the sale? $600. What are the tax consEY contributed $1,000 for his one-third partnership interest in profits and loss. 2. Ernesto and Fran are general partners in the EF partnership. Ernesto Fran contributed $2,000 for a two-thirds partnership interest in profits and loss. The partnership borrowed $1,200 to invest in marketable securities , which it purchased for $4,200. When the partnership assets had appreciated to $4,800, Ernesto sold one-half of his general partnership interest to Gary for $600 cash. What is the tax consequence to Ernesto of the sale

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