5 Things Cannabis Biz Attorneys Should Know About Tax Law
Law360 (November 8, 2019, 4:43 PM EST) -- With more states legalizing the sale of cannabis and the federal government still denying business deductions for marijuana retailers, the tax space for cannabis business attorneys can be complex, to say the least.
A stylized rendering of the Seattle skyline, including an oversized pot blunt, greets customers entering a marijuana shop in the city in March. (AP) Under Section 280E of the Internal Revenue Code, tax deductions and credits are not allowed for companies whose trade or business consists of trafficking in a controlled substance. Because marijuana is classified as a Schedule I controlled substance under federal law, the Internal Revenue Service...
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