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Write them a memo discussing the problem

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Your client is the Safari Casino, Inc. which began operations in January 2016. During its first year of operations, the casino had net income of $9,000,000, not counting the markers of its customers. Markers are debt to the casino for which the customer signs an agreement to pay, similar in form to a check. If the markers are counted, the net income is $11,000,000. The c . asino is located in Nevada, and Safari Casino, Inc. is a Nevada corporation. It has not yet filed the tax return for 2016, and no accounting decisions have yet been made by the casino, but the owners state that they would prefer to not recognize the markers as income.

Write them a memo discussing the problem and consider the alternatives of cash and accrual accounting methods.

Reference court cases and cite court involved, date, and name of litigants.

Reference no: EM131541978

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