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Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the...

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Accounting

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 partnership records disclosed the following information:
\table[[Sales revenue,$488,000
\table[[Description,,,Total,,Keon,,Aaron,,Deanne],[Ordinary business income (loss),$,$,0,$,0$,$,0$,$,0ox
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