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, 2017, and $72,000 for the fiscal year ended june 30, 2018. how much should jordan report on his 2017 individual income tax return as his share of taxable income from the partnership?

A) $24,000

Explanation:

Assuming that this is the first year that the partnership is in business, Jordan must include in his 2017 tax return all the income received between July 1 and June 30 2017, and part of the income received between July 1 and December 31 2017.

The problem is that we are not told how much he received between July and December 2017. If Jordan is paid a salary, then we should include half of $72,000, but we are not given any specific details.

We can also assume that he only receives money at the end of the partnership's fiscal year, so he only received $24,000 during 2017.

We have two possible options:

Sine option 2 is not given as a possible answer, I will go for option 1.

The IRS establishes that income must be considered during the taxable year that results in the least deferral of income, i.e. you must pay your taxes as soon as possible.

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

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