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Comprehensive Problem $15-80(LO15-1,LO15-2,LO15-3,LO15-4,LO15-5,$

$LO15-6)(Algo)$

$[The$ 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 $$156,000,$ and Keon transferred $an$

acre $of$ undeveloped land $to$ the partnership. The land had a tax basis $of$ $$76,900$ and

was appraised $at$ $$226,000.$ The land was also encumbered with $a$ $$76,900$ 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 $a$ $$11,600$ principal

payment $on$ the mortgage. For the first year $of$ operations, the partnership records

disclosed the following information:

Comprehensive Problem $15-80$ Part $1(Algo)$

Required:

$a.$ 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?

Complete this question $by$ entering your answers $in$ the $tabs$ below.

Compute the adjusted basis $of$ each partner's interest $in$ the partnership immediately after the formation

partnership.

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