Aaron, Deanne, and Keon formed the Blue Bell General Partnership at
Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $152,000, and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $76,300 and was appraised at $222,000. The land was also encumbered with a $76,300…