Jayden and Chloe Harper Are Husband and Wife and Use

question 57

Essay

Jayden and Chloe Harper are husband and wife and use the calendar year for tax purposes.
a.If the Harpers file a joint return for 2014,can they later switch to separate returns for 2014?
b.If the Harpers file separate returns for 2014,can they later switch to a joint return for 2014?

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Definitions:

Reportable Segments

Parts of a business that can be separately identified by the products or services they offer or by their geographical areas, and about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

Operating Profit

The profit from business operations before deducting interest and taxes, indicative of the core profitability of business activities.

Operating Segments

Components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance.

Generating Revenue

This term refers to the process by which a business earns income through the sale of goods, provision of services, or other financial operations.