Abstract
Whatever you tax, you get less of.
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Notes
- 1.
US Tax Court, T.C. Memo 2012-237, http://ustaxcourt.gov/InOpHistoric/PerryMemo.TCM.WPD.pdf , p. 10.
- 2.
Specifically, if the average annual gross receipts over the past three years is $1 million or less. The business must also not be a tax shelter.
- 3.
Specifically, the average annual gross receipts over the past three years is $10 million or less. The business must not be a tax shelter. The specific NAICS codes prohibited from using the cash method under this exception are given in IRS, Revenue Procedure 2002-28, Internal Revenue Bulletin 2002-18 (2002), www.irs.gov/pub/irs-irbs/irb02-18.pdf , p. 815.
- 4.
Best Auto Sales, Inc. v. Commissioner , T.C. Memo 2002-297, p. 11 ( http://ustaxcourt.gov/InOpHistoric/BestAuto.TCM.WPD.pdf ).
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© 2013 Russell Fox
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Fox, R. (2013). Cost of Goods Sold. In: Tax Strategies for the Small Business Owner. Apress, Berkeley, CA. https://doi.org/10.1007/978-1-4302-4843-9_5
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DOI: https://doi.org/10.1007/978-1-4302-4843-9_5
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