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Required information Required A Required B Required D List the separate items of partnership income, gains, losses, and deductions that the partners must show on
Required information
Required A
Required B
Required D
List the separate items of partnership income, gains, losses, and deductions that the partners must show on their individual incom 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 she be entered with a minus sign. Leave no answers blank. Enter zero if applicable.
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tabletableDescriptionOrdinary business income lossTotal,Keon,Aaro,Deanne$$$$
Required information
The following information applles 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 $ and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $ and was appraised at $ The land was also encumbered with a $ nonrecourse mortgage for which no one was personally liable. All three partners agreed tc profits and losses equally. At the end of the first year, Blue Bell made a $ principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information:
tableSales revenue,$
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