Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $109,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $71,000 and was appraised at $180,000. The land was also encumbered with a $71,000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a $6,600 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: Sales revenue Cost of goods sold Operating expenses Long-term capital gains $1231 gains Charitable contributions Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) $ 480,000 450,000 56,000 2,400 900 300 300 3,000 a. Compute the adjusted basis of each partner's interest in the partnership immediately after the formation of the partnership. b. List the separate items of partnership income, gains, losses, and deductions that the partners must show on their individual income tax returns that include the results of the partnership's first year of operations. d. What are the partners' adjusted bases in their partnership interests at the end of the first year of operations? Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $109,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $71,000 and was appraised at $180,000. The land was also encumbered with a $71,000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a $6,600 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: Sales revenue Cost of goods sold Operating expenses Long-term capital gains. $1231 gains Charitable contributions Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) $ 480,000 450,000 56,000 2,400 900 300 300 3,000 c-1. Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations. Visit the IRS website and download Form 1065 and Schedule K. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $109,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $71,000 and was appraised at $180,000. The land was also encumbered with a $71,000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a $6,600 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: Sales revenue Cost of goods sold Operating expenses Long-term capital gains $1231 gains Charitable contributions Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) $ 480,000 450,000 56,000 2,400 900 300 300 3,000 c-2. Using the information generated in answering parts (a) and (b), prepare a Schedule K-1 for Deanne. Visit the IRS website and download Form 1065 Schedule K-1. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save