Marijuana Dispensary Income Tax Guidance Update: IRS Memo 201504011

Posted on January 26, 2015 by John R. Dundon II, EA — No Comments ↓

Business Entity Selection and the Tax Consequences of Converting

As many of you know who follow my tax musings via this blog, I recently led a team of people that shepherded a Marijuana Dispensary through the IRS Examination and Appeals functions. The dispensary in question was owned and operated…

Tagged with: §1.471-11(c)(2)(iii), §263A, §471, 1.471-11(c)(2)(i), 201504011, 263a, 280e, 471, Capitalization & Inclusion of Inventory Costs of Certain Expenses, Expenditures in Connection with the Illegal Sale of Drugs, General Rules for Inventories, IRC §280E, IRS CCA 201504011
Posted in Amortization, Business Expense, Cash Transaction, Disallowed Expenses, IRS Appeal, IRS Audit, IRS Enforcement, IRS Examination, Marijuana

2014 Depreciation Limits on Luxury Autos: IRS Rev Proc 2014-21

According to 26 U.S. Code § 280F - Limitation on depreciation for luxury automobiles the first year's depreciation expense for a newly procured vehicle should be prorated over the tax year based on the in service date not to exceed…

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Marijuana Dispensary Income Tax Guidance Update: IRS Memo 201504011

2014 Depreciation Limits on Luxury Autos: IRS Rev Proc 2014-21

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