Posted by: jkalinski | April 21, 2021

JONATHAN KALINSKI Quoted in Tax Notes on IRS Inventory Accounting Memo Geared to Cannabis Industry

A recently released IRS legal memorandum appears to be intended to clarify inventory tax accounting principles for state-legal marijuana businesses despite not mentioning the restriction they face, according to practitioners.

Jonathan Kalinski of Hochman Salkin Toscher Perez PC told Tax Notes in part that “Most taxpayers aren’t asking to capitalize costs to inventory and would rather immediately deduct them, with the exception of businesses subject to section 280E.”

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