Required Information [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 $112,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $68,000 and was appraised at $180,000. The land was also encumbered with a $68,000 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 $6,600 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 guaranteed payment to Deanne (not included in expenses) $ 480,000 460,000 43,000 1,500 300 300 3,000 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B Req D 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. (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.) Description Ordinary business income (1066) Separately stated Items on Schedule K-1: Total Keon Aaron Deanne $ (25,000) 5 2,664 $ 22,664 5 22.664x Long-term capital gains Section 1231 gains 1,500 $ 600 $ 500 $ 500 S 500 200 $ 200 S 200 Municipal bond Interest 5 300 S 1005 100 5 100 Charitable contributions $ Mortgage reduction (deemed cash distribution) $ Self-employment Income (loss) Guaranteed payment (300) $ (6,600) 5 $ (23,000) 5 3,000 5 (100) $ (2,200) $ 8,565 $ (100) S (100) (2,200) 5 (2,200) 8,667 S 5.566x 0 $ 0 5 3,000 < Req A Req D > Show less A