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, 2014, and $72,000 for the fiscal year ended June 30, 2015. How much should Jordan report on his 2014 individual income tax return as his share of taxable income from the partnership?

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Jordan's individual income tax return is based on a calendar-year basis, therefore he needs to report his share of the partnership's income for the portion of the partnership's fiscal year that falls within his calendar year. In this case, his share of the partnership's income for the fiscal year ended June 30, 2014 should be reported on Jordan's 2014 income tax return, which is $24,000.

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