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. Deductions b Invesiment interest expense c Socton 59(0)(2) expenditures (1) Type i (2) Amount Self- Employment d Other deductions (see intructions) 14a Net eamings (loss) from seif-employment (2) Amount o b Gross farming or fishing income c Groes nontarm income 15a Low-income housing credit (section 420)(5)) b Low-income housing credit (other) Credits c Qualfied rehabiilabion expenditures (rental real estate) (atlach Form 3468 , t applicable) d Other rental real estate credita (se0 intructions) Type i - Other rental credits (see instructions) International 1. Other credits (see instructions) 16 Anach Schedule K-2 (Form 1065), Parthers' Ditibititive Share ltems-intemafonal, and check Transactions This box to indicate that you are reporting items of intomational tax rekevance Alternative 17 a Post.1966 depreciation adjutment Minimum Tax c Depletion (other than of and gas) (AMT) Items Oll gas, and geothermal properties-gross income a OA, gas, and oecthermal properies-deductions t. Other AMT items fattach statement 14a Tex-exampt interest income b Omer tax-0xempt income c Nondeductble expenses Other 19a Distrbutions of cash and marketable secuntes information b Distrbutions of other property 20a investment income b investment expenses o. Other aems and amounts (aeach stafement) 21 Total fareign taxes paid or acerued 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. Deductions b Invesiment interest expense c Socton 59(0)(2) expenditures (1) Type i (2) Amount Self- Employment d Other deductions (see intructions) 14a Net eamings (loss) from seif-employment (2) Amount o b Gross farming or fishing income c Groes nontarm income 15a Low-income housing credit (section 420)(5)) b Low-income housing credit (other) Credits c Qualfied rehabiilabion expenditures (rental real estate) (atlach Form 3468 , t applicable) d Other rental real estate credita (se0 intructions) Type i - Other rental credits (see instructions) International 1. Other credits (see instructions) 16 Anach Schedule K-2 (Form 1065), Parthers' Ditibititive Share ltems-intemafonal, and check Transactions This box to indicate that you are reporting items of intomational tax rekevance Alternative 17 a Post.1966 depreciation adjutment Minimum Tax c Depletion (other than of and gas) (AMT) Items Oll gas, and geothermal properties-gross income a OA, gas, and oecthermal properies-deductions t. Other AMT items fattach statement 14a Tex-exampt interest income b Omer tax-0xempt income c Nondeductble expenses Other 19a Distrbutions of cash and marketable secuntes information b Distrbutions of other property 20a investment income b investment expenses o. Other aems and amounts (aeach stafement) 21 Total fareign taxes paid or acerued
