. 5. 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 $107.000 and Keon transferred an acre of undeveloped and to the partnership. The land had a tax basis of $73.000 and was appraised at $180,000. The land was also encumbered with a $73,000 nonrecourse mortgage for which no one was personally able All three partners agreed to split profits and losses equally. At the end of the first year, Blue Bell made a 56.300 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-ters capital gains 5121 gains Charitable contributions Municipal bond interest Salary paid as garanteed payment to Deanne (not included in expenses) $400,00 158,00 61.00 1. 300 Comprehensive Problem 20-80 Part 1 (Algo) a. Compute the adjusted basis of each partner's interest in the partnership immediatey 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? Complete this question by entering your answers in the tabs below. Prev 1. 2 of 2 !!! Next > d. Lompute the adjusted basis of each partner's interest in the partnership immediately after the formation of the part b. List the separate items of partnership income, gains, losses, and deductions that the partners must show on their in 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? Complete this question by entering your answers in the tabs below. Reg A ReqB Reg D Compute the adjusted basis of each partner's interest in the partnership immediately after the formation of the partnership (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Keon Aaron Deanne Adjusted basis ReqB > Prev 1 2 of 2 e to search O List the separate items of partnership income, gains, losses, and deductions that the partners must show on their individu tax returns that include the results of the partnership's first year of operations. (Do not round intermediate calculations. final answers to the nearest whole dollar amount. Negative amounts should be entered with a minus sign. Leave no answe Enter zero if applicable) Total Keon Aaron Description Ordinary business income (loss) Separately stated items on Schedule K-1; Deanne a. Compute the adjusted basis of each partner's interest in the partnership immediately after the formati b. List the separate items of partnership income, gains, losses and deductions that the partners must sh 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 oper Complete this question by entering your answers in the tabs below. Reg A Reg B Reg D What are the partners' adjusted bases in their partnership interests at the end of the first year of operations? intermediate calculations. Round your final answers to the nearest whale dollar amount.) Keon Aaron Deanne Adjusted basis Prev CD 1 2 of 2 Next > Rega Reg B Reg 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.) Show less Total Keon Aaron Deanne Description Ordinary business income (loss) Separately stated items on Schedule K-1 Prev 1 2 of 2 !!! Next > partnership's first year of op d. What are the partners' adjusted bases in their partnership interests at Complete this question by entering your answers in the tabs below. Req A ReqB Reg D What are the partners' adjusted bases in their partnership interests at the en intermediate calculations. Round your final answers to the nearest whole doll Keon Aaron Deanne Adjusted basis