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Results for cannabis business articles
Key Takeaways from the US Tax Court’s Cannabis Business Deduction Decision
Author: Scarinci HollenbeckDate: January 8, 2020
The U.S. Tax Court recently ruled that because marijuana remains illegal under federal law cannabis businesses are prohibited from deducting business expenses pursuant to Section 280E of the Internal Revenue Code. According to the court, the provision is neither a penalty nor an unconstitutionally excessive fine.
While the Tax Court ultimately rejected the cannabis industry’s challenges to Section 280E in Northern California Small Business Assistants Inc. v. Commissioner of Internal Revenue, it is important to note that the decision was not unanimous. In a partial dissent, Judge David Gustafson argued that Section 280E is unconstitutional under the 16th Amendment. Judge Elizabeth A. Copeland also issued a partial dissent, rejecting the majority’s conclusion that Section 280E is not a penalty.
What Cannabis Companies Should Know About the Federal Illegality Defense
Could a Federal Court Refuse to Enforce your Contract Just Because Cannabis is still Illegal under Federal Law? Here's What...
Is United Approach the Key to Adult-Use Cannabis Legalization?
The Governors of New York, New Jersey, Pennsylvania and Connecticut Have Met to Explore the Possibility of Establishing a Joint,...
Juul False Advertising Lawsuits Offer Lessons for Cannabis Companies
What Can Cannabis Companies Learn from Recent JUUL False Advertising Lawsuits? E-cigarette maker Juul Labs is facing class-action lawsuits across...
Cannabis Industry Celebrating House Passage of SAFE Banking Act
Late Last Month, the U.S. House of Representatives Passed the Secure and Fair Enforcement Banking Act (SAFE Act) On September...
What Can Cannabis Businesses Learn from Curaleaf?
October 2, 2019
Curaleaf Holdings, One of the Largest Cannabis Companies in the U.S., Recently Found Itself on the Receiving End of a...
USPTO Greenlights Some Cannabis Trademarks
July 16, 2019
The U.S. Patent and Trademark Office (USPTO) Recently Issued New Guidance That Clears the Way for Certain Cannabis Trademarks The...
Why Forming an LLC to Operate Your Cannabis Business May Not Be Tax Wise
August 13, 2018
Choosing the Proper Legal Structure for Your New Jersey Cannabis Business Can Be Especially Challenging Due to the Legal Uncertainties...
NJBiz Panel Discussion, "Business of Cannabis," May 22, 2018
May 3, 2018
SH Attorney, Dan McKillop, To Speak in NJBiz Event: Business of Cannabis Daniel T. McKillop, is Chair of Scarinci Hollenbeck’s Cannabis...
When Will Cannabis Be Legalized in New Jersey?
December 26, 2017
The Election of Phil Murphy Has Businesses & Consumers Asking: "When Will Cannabis Be Legalized in New Jersey?" The election...
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