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Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $$110,000,$ and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $$70,000$ and was appraised at $$180,000.$ The land was also encumbered with a $$70,000$ 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 $$7,000$ principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information:

$\backslash$table$[[$Sales revenue,$$470,000$

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Required $A$

Required B

Required D

Compute the adjusted basis of each partner's interest in the partnership immediately after the formation of the partnership. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

$\backslash$table$[[,$Keon,Aaron,Deanne$],[$Adjusted basis,$$,24,833,$$$,0,$$$,0,]]$

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.

Note: 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 answers blank. Enter zero if applicable.

Show less $A$

$\backslash$table$[[$Description$,$Total,Karon,Deanne,$],[$Ordinary business income $($loss$),,,,],[$Separately stated items on Schedule K$-1$:$,,,,],[,,,,],[,,,,],[$Guaranteed payment,,,,$],[$Self$-$employment income $($loss$),,,,],[$Long$-$term capital gains,,,,$],[$Section $1231$ gains,,,,$],[$Municipal bond interest,,,,$],[$Mortgage reduction $($deemed cash distribution$),,,,]]$

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Required D

What are the partners' adjusted bases in their partnership interests at the end of the first year of operations?

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

$\backslash$table$[[,$Keon,Aaron,Deanne$],[-$ Adjusted basis,,,$]]$

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