Aaron, Dianne, and Kevin formed the Blue Bell General Partnership at the beginning of the current year. Aaron

and Dianne each contributed $$110,000$ cash and Kevin transferred an acre of undeveloped land to the

partnership. The land had a tax basis of $$90,000$ and was appraised at $$200,000.$ The land was also encumbered

with a $$90,000$ mortgage for which no one was personally liable $($the liability will be allocated equally to each

partner$).$ All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made

a $$6,000$ principal payment on the mortgage. For the first year of operations, the partnership records disclosed

the following information:

Required:

a$.$ Compute the adjusted basis of each partner's interest in the partnership immediately after the

formation of the partnership.

Aaron: $$30000$

Dianne: $$140000$

Kevin: $$140000$

b$.$ What is the partnership's net ordinary business income $($loss$)$ for the first year of operations?

c$.$ What are the partners' adjusted bases in their partnership interests at the end of the first year of

nneratinnc?