Section 280E
Court Clarifies Inventory Capitalization Rules for Producers
There are a few items that are low hanging fruit that make for easy adjustments for IRS auditors. The adjustment for indirect costs is an example of such an adjustment that can be made for any taxpayer that has inventory. The recent Patients Mutual A…
Court Considers Medical Marijuana Company Substantiation
Medical marijuana companies face a number of challenges. The Section 280E limitation on business deductions is one example. There have been a number of court cases that address this limitation. The Feinberg v. Commissioner, T.C. Memo. 2017-211, case ad…