Charles Jordan Files His Income Tax Return on a Calendar-Year
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?
The XYZ Partnership is held by ten partners who have the following capital and profits ownership of the partnership.The tax year-end used by each of the ten partners is also indicated.Assume each partner has used this year-end for at least five years.
What is the required year-end for the XYZ Partnership,assuming that the business has no natural business year and has not filed a Sec.444 election?
AT Pet Spa is a partnership owned equally by Travis and Ashley.The partnership had the following revenues and expenses this year.Which of the following items are separately stated? Nonseparately stated? What is each partner's distributive share of ordinary income?
The WE Partnership reports the following items for its current tax year:
What is the WE Partnership's ordinary income for the current year?