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 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 $7,000 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
Charitable contributions $ 300
Municipal bond interest $ 300
Salary paid as a guaranteed payment to Deanne (not included in expenses) $ 3,000
Required:
1. 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.(Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Losses and deductions should be entered with a negative sign.)