Charles Jordan files his income tax return on a calendar-year basis. He is a 3% partner of a partnership reporting on a June 30 fiscal-year basis. Jordan's share of the partnership's ordinary income was $24,000 for the fiscal year ended June 30, Year 1, and $72,000 for the fiscal year ended June 30, Year 2.
How much should Jordan report on his Year 1 return as his share of taxable income from the partnership?
a. $24,000
b. $36,000
c. $48,000
d. $72,000
e. None of the above
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