Required information [The following information applies to the questions displayed below.] Aaron, Deanne, and Keon forme

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Required Information The Following Information Applies To The Questions Displayed Below Aaron Deanne And Keon Forme 1 (109.46 KiB) Viewed 21 times

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 $119,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $61,000 and was appraised at $180,000. The land was also encumbered with a $61,000 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: 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 1,800 600 300 300 3,000 c-2. Using the information generated in answering parts (a) and (b), prepare a Schedule K-1 for Deanne. 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." upload a response file (15MB max) Choose File No file chosen save