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Tax Law

Legal Alert: Texas Trifecta – Texas Supreme Court issues three decisions on cost of goods sold deductions

On Friday, April 3 the Texas Supreme Court issued three decisions addressing the availability and scope of the cost of goods sold, or “COGS,” deduction.

Hegar v. American Multi-Cinema Inc.

The first, and most anticipated, decision is Hegar v. American Multi-Cinema, Inc.1  This case concerned whether AMC, the movie-theater chain, was eligible to deduct COGS for its costs of exhibiting films.

Read the full legal alert here.