Asran, Deanne, snd Keon formed the Blue Bell General Partnerahlp at the beginning of the current year Asron and

Desnne esch contributed $$124,000,$ and Kean transferred an scre of undeveloped land to the parthership. The land had a

tsx bos's of $$72,100$ and was appralised ot $$194,000.$ The land was slso encumbered with o $$72,700$ nanrecourse

mortgsge for which no ane was persans y lisble. All thres partners agresd to splt profits snd locses equaly. At the end of

the first yesr, Blue Bel msde o $$8,400$ principal poyment on the mortgoge. For the first year of operstions, the portnership

record: diaclosed the folowing informstion:

Requlred:

B$.$ Compute the odjusted bosis of esch portner's interest in the portnership immediately aiter the formation of the psitnership.

b$.$ Lst the sepsrate items of portnershlp income, goins, losses, and deductions that the portners must show on their indwidusl income

tsx returns that Include the results of the portnership's first year of operstions.

d$.$ Whst are the portners' soljusted boses in their portnership interests st the end of the first yesr of operstions?

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Ust the separate itemes of partnership income, gains, lasses, and deductions that the partners must show an their individual income

tax returna that include the results af the partnership's first year of aperatians.

be entered with a minus sign. Leave na answers blank. Enter zero if applicable.

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.

$($A$)$ Correct Answer follows.

Keon Aaron Deanne

Adjusted basis

K $$24,033$selected answer correct

A $$148,033$selected answer correct

D $$148,033$selected answer correct

Please solve for Required B $-$ the amounts that are marked incorrect.

$($D$)$ Correct answer follows.

What are the partners$$ adjusted bases in their partnership interests at the end of the first year of operations?

Keon Aaron Deanne

Adjusted basis

$$17,603$selected answer correct

$$141,603$selected answer correct

$$141,603$selected answer correct