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 $$122,000,$ and Keon transferred an acre of undeveloped land to the partnership. The land had a

tax basis of $$71,800$ and was appraised at $$192,000.$ The land was also encumbered with a $$71,800$ 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 $$8,200$ principal payment on the mortgage. For the first year of operations, the partnership

records disclosed the following information:

Comprehensive Problem $20-80$ Part $1($Algo$)$

Required:

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?

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

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

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.

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

Required $A$

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.

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

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

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.