Some Progress In Battle For Cannabis Biz Tax Deductions

By Jennifer Benda (November 5, 2019, 5:33 PM EST) -- Last year brought considerable new guidance on the application of tax laws to the cannabis industry. While no case has provided new avenues for tax planning, and courts have rarely ruled favorably for the industry, a recent Tax Court opinion includes dissents and discussions that hint that some judges are open to considering a fulsome analysis of constitutional arguments that could provide relief from Section 280E. Further, states, most importantly California, are providing relief at the state tax level....

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