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 $156,000, and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $76,900 and was appraised at $226,000. The land was also encumbered with a $76,900 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 $11,600 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: 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. 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. be entered with a minus sign. Leave no answers blank. Enter zero if applicable. What are the partners' adjusted basis 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. 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 $156,000, and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $76,900 and was appraised at $226,000. The land was also encumbered with a $76,900 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 $11,600 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: 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. 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. be entered with a minus sign. Leave no answers blank. Enter zero if applicable. What are the partners' adjusted basis 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
