Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current yearAaron and Deanne each contributed $144,000 , and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $75,100 and was appraised at $214.000. The land was also encumbered with a $75,100 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 $10,400 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 ) $ 521,000 437,200 97,200 2,910 600 300 300 3,000 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 ?