Required Information(The following information applies to the questions displayed below.)Asron, Deonne, snd Keon formed the Blue Bell General Portnership et the beginning of the current yeor. Asron andDeanne each contributed $112,000 end Keon transferred en scre of undeveloped lend to the partnership. The land hod atax basis of $68,000 and was apprsised st $180,000. The land was olso encumbered with e $68,000 nonrecoursemortgoge for which no one was personally liable. All three pertners agreed to split profits and losses equally. At the end ofthe first year, Blue Bell made a $6.600 principal payment on the mortgage. For the first yesr of operations, the partnershiprecords disclosed the following information:Sales revenue$ 488, eeeCost of goods soldOperating expensesLong-tern capital gains51211 gainsCharitable contributions468, 02043, 0201, 58e6eeMunicipal bond interestSalary paid as a guaranteed paynent to Dcanne (notincluded in expenses)3,0e0a. Compute the adjusted basis of esch partner's interest in the portnership immediately after the formation of the partnership.b. List the separate items of partnership income, gains, losses, end deductions that the pertners must show on their individual incometox returns that include the results of the partnership's first yeer of operations.d. What are the pertners' scjusted bases in their partnership interests et the end of the first year of operations?Answer is not complete.Complete this question by entering your answers in the tabs below.Reg AReq BReg DList the separate items of partnership income, gains, losses, and deductions that the partners must show on their individual incometax returns that include the results of the partnership's first year of operations. (Do not round intermediate calculations. Round yourfinal 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 ADescriptionTotalKeonAaronDeanneOrdinary business Income (los6)$ (25,000) O 52,664 S22,664 O522.664Separately stated Items on Schedule K-1:Long-tem capital galns1,500 Os500 Os500 O5500 OSection 1231 galns600 O5200 O5200 OS200 O100 O5(100) O5300のS100 の5100 O(100) OMunicipal bond Interestのs(100) Os(300) OS(5,600) OS(23,000) O53,000 OsCharitable contributionsMortgage reduction (deemed cash distribution)(2,200) Os8,665 5(2,200) Os(2,200) OSelf-employment income (los8)8,667 XS5,666 OGuaranteed payment3.000 O< Req AReq D >

Partners adjusted basis refers to the concept which computed without taking into consideration the…

Deanne, and Keon formed the Blue Bell General Portr e each contributed $112.000 and Keon transferred an sis of $68,000 and was appraised at $180,000. The lar ge for which no one was personally liable. All three po t year, Blue Bell made a $6,600 principal payment on = disclosed the following information: revenue of goods sold ting expenses tern capital gains 1 gains gains itable contributions

Deanne, and Keon formed the Blue Bell General Portr e each contributed $112.000 and Keon transferred an sis of $68,000 and was appraised at $180,000. The lar ge for which no one was personally liable. All three po t year, Blue Bell made a $6,600 principal payment on = disclosed the following information: revenue of goods sold ting expenses tern capital gains 1 gains gains itable contributions

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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