Articles Tagged - expensedeductions

Denial of Expense Deductions for Marijuana Businesses Is Reinforced

By Wiss, Posted in Food & Beverage

In the most recent in a now developing line of Tax Court cases involving the application of Section 280E of the Internal Revenue Code, a hard blow struck the ever-expanding cannabis industry.  In Patients Mutual Assistance Collective Corp. (dba Harborside Health Center) (“Harborside”), v. Commissioner, 151 T.C. No. 11 (November 29, 2018), the Tax Court rejected a variety of arguments in support of ordinary and necessary business deductions and costs of goods sold taken by a taxpayer running... read more.

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