Question: Just need fixes to the errors. Thanks! Required information [The following information applies to the questions displayed below.] Aaron, Deanne, and Keon formed the Blue

Just need fixes to the errors. Thanks! Required information [The following informationapplies to the questions displayed below.] Aaron, Deanne, and Keon formed theBlue Bell General Partnership at the beginning of the current year. AaronJust need fixes to the errors. Thanks!

Required information [The following information applies to the questions displayed below.] Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $123,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $57,000 and was appraised at $180,000. The land was also encumbered with a $57,000 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 $7,200 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information: $ 520,000 470,000 70,000 3,000 Sales revenue Cost of goods sold Operating expenses Long-term capital gains Charitable contributions Municipal bond interest Salary paid as a guaranteed payment to Deanne (not included in expenses) $1231 gains 600 300 300 3,000 a. Compute the adjusted basis of each partner's interest in the partnership immediately after the formation of the partnership. b. 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. d. What are the partners' adjusted bases in their partnership interests at the end of the first year of operations? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A Req B Req D Compute the adjusted basis of each partner's interest in the partnership immediately after the formation of the partnership. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Keon Aaron Deanne $ 142,000 Adjusted basis 19,000 $ 142,000 Req A ReqB> Req A Reg B ReqD 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. (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 answer blank. Enter zero if applicable.) Show less Total Keon Aaron Deanne A (23,000) $ (7,667) $ (7,667) $ (7,667) Description Ordinary business income (loss) Separately stated items on Schedule K-1: Mortgage reduction (deemed cash distribution) Self-employment income (loss) Guaranteed payment $ (7,200) $ $ (2,400) $ A A A (2,400) (7,667) (20,000) $ $ (7,667) $ A A A | A | A . (2,400) (4,667) (3,000) X $ 0 $ 0 $ 0 3,000 $ $ 1,000 $ 1,000 1,000 200 600 $ [ 2 ] $ 200 $ Long-term capital gains Section 1231 gains Municipal bond interest Charitable contributions 200 OOOO A A A A 300 100 $ 100 $ 100 A A (300) $ (100) $ (100) (100) Req A Req B Req D What are the partners' adjusted bases in their partnership interests at the end of the first year of operations? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Keon Aaron Deanne Adjusted basis $ 10,133 $ 133,133 $ 132,733 X

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