What Are Some of the Consequences of the Small Cases

question 2

Essay

What are some of the consequences of the small cases procedure of the Tax Court?

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Definitions:

Inventory

Goods or materials that a business holds for the ultimate goal of resale, including raw materials, work-in-progress, and finished goods.

Cost

The value of the financial resources expended to acquire or produce a product or service.

Selling Price

The amount of money for which a product or service is offered for sale to consumers.

Risks

The potential for losing something of value, which can be financial, physical, emotional, or otherwise, as a result of actions taken or events that occur.