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please fill out A,B, and D please ): Required information Comprehensive Problem 20-80 (LO 20-1, LO 20-2, LO 20-3, LO 20-4, LO 20-5, LO 20-6)
please fill out A,B, and D please ):
Required information Comprehensive Problem 20-80 (LO 20-1, LO 20-2, LO 20-3, LO 20-4, LO 20-5, LO 20-6) (Algo) [The following information applies to the questions displayed below) Aaron Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $123,000 and Keon transferred an acre of undeveloped and to the partnership. The land had a tax basis of $57.000 and was appraised at $180,000. The land was also encumbered with a $57000 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 $7,200 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 51231 gains Charitable contributions Municipal bond Interest Salary paid as a quaranteed paynent to Deanne (not included in expenses) $ 520,000 470.000 70,000 3,000 000 300 300 3,000 Comprehensive Problem 20-80 Part 1 (Algo) 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? Compute the adjusted basis of each partner's interest in the partnership immediately after the formation of the partnership. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Keon Aaron Deanne Adjusted basis Ust 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. (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 answer blank Enter zero if applicable) Show less Total Description Ordinary business income foss) Separately stated items on Schedule K-1 Keon Aaron Deanne What are the partners' adjusted bases in their partnership Interests at the end of the first year of operations? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Keon Aaron Deanne Adjusted basis Step by Step Solution
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