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

question 7

Essay

Charles Jordan files his income tax return on a calendar-year basis. He is a principal partner in a partnership using a tax year ending June 30. Jordan's share of the partnership's ordinary income was $24,000 for the fiscal year ending June 30 of last year and $72,000 for the fiscal year ending June 30 of the current year. Assume the partnership earned its income evenly throughout the year. How much should Jordan report on his Form 1040 for last year as his share of the partnership's ordinary income?

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Definitions:

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A growth strategy where a company seeks to sell its existing products in new markets to expand its customer base.

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