Quote:LOL!

If the jags tried to claim a loss the IRS would be all over their books because that would mean they weren't paying taxes because there is no income tax when you show a loss.

I dont think you understand the difference between a business' books and their tax return. The tax return usually allows more of a loss due to various credits and bonus depreciation.


Ya, if something fishy is on the return, then the irs will audit the business and look at their books. But ultimately the irs does not regulate bookkeeping.


What the jags have on their books is regulated by gaap, not the irs.


Point is, if the khan goes court to discuss his books, the irs is not involved. It would probably involve a financials audit by a firm.

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