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

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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 $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: Sales revenue Cost of goods sold $ 510,000 470,000 70,000 Operating expenses Long-term capital gains. 2,400 §1231 gains 600 Charitable contributions 300 Municipal bond interest 300 Salary paid as a guaranteed payment to Deanne (not included in expenses) 3,000 c-1. Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations. Visit the IRS website and download Form 1065 and Schedule K. 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." 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: Sales revenue Cost of goods sold $ 510,000 470,000 70,000 Operating expenses Long-term capital gains. 2,400 §1231 gains 600 Charitable contributions 300 Municipal bond interest 300 Salary paid as a guaranteed payment to Deanne (not included in expenses) 3,000 c-1. Using the information generated in answering parts (a) and (b), prepare Blue Bell's page 1 and Schedule K to be included with its Form 1065 for its first year of operations. Visit the IRS website and download Form 1065 and Schedule K. 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."

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partner Keon Aaron Deanne a Basis in contributed land 70000 b Cash contributed 110000 110000 c Debt ... View the full answer