Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $ and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $ and was appraised at $ The land was also encumbered with a $ 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 $ principal payment on the mortgage. For the first year of operations, the partnership records disclosed the following information:
tableSales revenue,$
tableDescriptionTotal,,Keon,,Aaron,,DeanneOrdinary business income loss$$$$$$$
