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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
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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?

User Nackjicholson
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Answer:

Step-by-step explanation:

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

User Theister
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