Rachel Gillette (Photo courtesy of Holland & Hart)
Section 280E of the IRS Code has long been a thorn in the side of regulated cannabis businesses.
We’re all looking for a way to avoid its harsh tax consequences while hoping for federal action.
Recent news of Trulieve Cannabis Corp.’s highly publicized $143 million federal income tax refund claims for the 2019, 2020 and 2021 tax years created a frenzy of hope in the industry that seems to offer a way out.
But does it?
In its Oct. 13, 2023, news release, Trulieve announced a bold plan to seek 280E refunds “based on legal interpretations that challenge the Company’s tax liability under 280E.”
Jennifer Benda (Photo courtesy of Holland & Hart)
While Trulieve might have arguments that could succeed, without more details about its business operations and the basis of its legal arguments, other cannabis companies should obtain their own legal and
Read full article on Marijuana Business Daily