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Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $ 1 6

Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $160,000, and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $77,500 and was appraised at $230,000. The land was also encumbered with a $77,500 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 $12,000 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: Compute the adjusted basis of each partner's interest in the partnership immediately after the formation of the partnership.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Required A
Required B
Required D
List the separate items of partnership income, gains, losses, and deductions that the partners must show on their individual income tax returns that include the results of the partnership's first year of operations.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Negative amounts should be entered with a minus sign. Leave no answers blank. Enter zero if applicable.
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\table[[\table[[\table[[Description],[Ordinary business income (loss)]]]],Total,Keon,Aaron,Deanne],[$,(18,000),$,(6,000),$,(6,000),$,(6,000)],[Separately stated items on Schedule K-1:],[Municipal bond interest,$,300,$,100,$,100,$,100],[Mortgage reduction (deemed cash distribution),$,(12,000),$,(4,000),$,(4,000),$,(4,000)],[Guaranteed payment,$,3,000,$,0,$,0,$,3,000],[Long-term capital gains,$,3,150,$,1,050,$,1,050,$,1,050],[Charitable contributions,$,(300),$,(100),$,(100),$,(100)],[Section 1231 gains,$,600,$,200,$,200,$,200],[Self-employment income (loss),$,(15,000),$,(6,000),$,(6,000),$,(3,000)]]
Sales revenue $ 545,000
Cost of goods sold 450,000
Operating expenses 110,000
Long-term capital gains 3,150
1231 gains 600
Charitable contributions 300
Municipal bond interest 300
Salary paid as a guaranteed payment to Deanne (not included in expenses)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.
c-2. Using the information generated in answering parts (a) and (b), prepare a Schedule K-1 for Deanne.Compute the adjusted basis of each partner's interest in the partnership immediately after the formation of the partnership.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
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