Ch.10 Blue Bells’ Partnership Tax Return Accounting Excelsheet Help
Question Description
Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $110,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $70,000 and was appraised at $180,000. The land was also encumbered with a $70,000 non-recourse 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 $7,000 principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information:
Sales revenue $470,000
Cost of goods sold $410,000
Operating expenses $70,000
Long-term capital gains $2,400
1231 gains $900
Charitable contributions $300
Municipal bond interest $300
Salary paid as a guaranteed payment to Deanne (not included in expenses) $3,000
Complete the following below:
Compute the adjusted basis of each partner’s interest in the partnership immediately after the formation of the partnership in an excel spreadsheet.
Prepare Blue Bells’ Partnership tax return page 1 and Schedule K for its first year of operations along with Schedule K-1 for Deanne.
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