Law360 (August 8, 2018, 4:03 PM EDT) -- Here is a motto worth remembering: The business of cannabis is … business. And, as with any other enterprise, planning matters, implementation matters, safeguards matter.
In a noteworthy decision, the United States Tax Court recently denied income tax deductions claimed by the operators of a medical marijuana dispensary. In Gibson v. Commissioner of Internal Revenue, the United States Tax Court ruled that taxpayers running a medical marijuana dispensary could not deduct those ordinary and necessary business expenses normally associated with the operation of a business. Furthermore, the court ruled that bad record keeping precluded the taxpayers from taking full advantage of...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!