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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
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.
A. 1065 PG 1
B. Schedule K
C. Schedule K1
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: 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 informationStep by Step Solution
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