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 $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 parthership records disclosed the following information: c. Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations, along with Schedule K-1 for Deanne. Note: Use 2022 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Losses should be entered as negative numbers and input all other values as positive numbers. Note: Do not round intermediate calculations. Round percentage answers to 2 decimal places. Round other final answers to nearest whole doliar amoun Finaik-1 Anended K-1 oMe No: 15450123 Schedule K1 (Form 1065) Department of the Treasury Intemal Revenue Service Partner's Share of Income, Deductions. Credits, etc. See back of form and separate instructions: Rartill Information About the Partner E Partner's SSN or TIN (Do not use TIN of a disregardod entily. See instructions) F Name, address, city, state, and ZIP code for partner entered in E. See instructions 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 $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 parthership records disclosed the following information: c. Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations, along with Schedule K-1 for Deanne. Note: Use 2022 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Losses should be entered as negative numbers and input all other values as positive numbers. Note: Do not round intermediate calculations. Round percentage answers to 2 decimal places. Round other final answers to nearest whole doliar amoun Finaik-1 Anended K-1 oMe No: 15450123 Schedule K1 (Form 1065) Department of the Treasury Intemal Revenue Service Partner's Share of Income, Deductions. Credits, etc. See back of form and separate instructions: Rartill Information About the Partner E Partner's SSN or TIN (Do not use TIN of a disregardod entily. See instructions) F Name, address, city, state, and ZIP code for partner entered in E. See instructions
