Ask Question
4 July, 05:25

Kerry and Jim have a successful marijuana farm in the woods around Humboldt County, California. Growing marijuana is illegal for federal purposes. Are Kerry and Jim required by law to report the income from their farm on their tax return? Why?

+4
Answers (1)
  1. 4 July, 06:14
    0
    Despite the fact that marijuana business is illegal, Kerry and Jim need to report the income from it.

    Income from any illegal activities is considered as taxable income. There is no execption in computation of gross income
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Kerry and Jim have a successful marijuana farm in the woods around Humboldt County, California. Growing marijuana is illegal for federal ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers