Yesterday, the Tax Court issued its opinion in Alterman v. Commissioner, T.C. Memo 2018-83. This case involved the operation of a medical marijuana dispensary which was reported on Schedule C. The opinion includes a long recitation of intricate accounting details that I will address on a summary basis so as to not lose readers other than accountants. Readers interested in the details should read the opinion linked above.
The important facts are as follows:
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