8-3 Assessment Problems i Saved Help Save & Exit & Sub This question will be sent to your instructor for grading. ! 3 Required information [The following information applies to the questions displayed below.) Part 3 of 3 Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $115,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $65,000 and was appraised at $180,000. The land was also encumbered with a $65,000 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 $6,900 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: 10 points Skipped Sales revenue Cost of goods sold Operating expenses Long-term capital gains $1231 gains Charitable contributions Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) $ 510,000 470,000 70,000 2,400 600 300 300 eBook 3,000 Print c-2. Using the information generated in answering parts (a) and (b), prepare a Schedule K-1 for Deanne. References Visit the IRS website and download Form 1065 Schedule K-1. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." 8-3 Assessment Problems i Saved Help Save & Exit & Sub This question will be sent to your instructor for grading. ! 3 Required information [The following information applies to the questions displayed below.) Part 3 of 3 Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $115,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $65,000 and was appraised at $180,000. The land was also encumbered with a $65,000 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 $6,900 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: 10 points Skipped Sales revenue Cost of goods sold Operating expenses Long-term capital gains $1231 gains Charitable contributions Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) $ 510,000 470,000 70,000 2,400 600 300 300 eBook 3,000 Print c-2. Using the information generated in answering parts (a) and (b), prepare a Schedule K-1 for Deanne. References Visit the IRS website and download Form 1065 Schedule K-1. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save