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6. (Handout 1- When does a Partner Report Income) A corporation with a fiscal year ending March 31, owns a 25% interest in a partnership
6. (Handout 1- When does a Partner Report Income) A corporation with a fiscal year ending March 31, owns a 25% interest in a partnership that has a fiscal year ending September 30. For the year ending September 30, 2019 the partnership has total ordinary income of $120,000. For the year ending September 30, 2020 the partnership had total ordinary income of $240,000. For the year ending September 30, 2021 the partnership's total ordinary income is $300,000. The partnership distributes one twelfth of its income to the partners each month. (cannot report it until the partnership year is over) For the corporation's tax year ending March 31, 2020 how much ordinary income will it report from the partnership? ver)
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