Jordan files his income tax return on a calendar-year basis.He is the principal partner of a partnership reporting on a June 30 fiscal year end basis.Jordan's share of the partnership's ordinary income was $24,000 for the fiscal year ended June 30,2013,and $72,000 for the fiscal year ended June 30,2014.How much should Jordan report on his 2013 individual income tax return as his share of taxable income from the partnership?

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Quizplus · Accepted Answer

Since Jordan files his income tax return on a calendar-year basis, he should report his share of ordinary income from the partnership for the fiscal year ended June 30, 2013, on his 2013 individual income tax return. Therefore, Jordan should report $24,000 on his 2013 individual income tax return as his share of taxable income from the partnership.

Jordan Files His Income Tax Return on a Calendar-Year Basis