Plentywood Drug Inc. v. Commissioner, T.C. Memo. 2021-45 (April 26, 2021): Fair Market Rent For Pharmacy Building Determined

The Tax Court determined the fair market rent for a building which had four owners and was rented by a pharmacy situated in a state which had a nondisclosure policy for real-estate data. The IRS had disallowed the rent claimed by the owners as ordinary and necessary business expense and issued notices of deficiency to them and their corporation.

See full opinion, click: Plentywood Drug Inc. v. Commissioner (April 26, 2021): Fair Market Rent For Pharmacy Building Determined

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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