Colorado marijuana dispensary challenges IRS in U.S. Tax Court
The owners of a marijuana dispensary in Palisade, Colo., claim their income was unjustly taxed twice.
As marijuana tax reform efforts petered out on Capitol Hill, another endeavor is before the U.S. Tax Court to let state-legal cannabis businesses take deductions and credits.
The owners of a marijuana dispensary in Palisade, Colo., claim their income was unjustly taxed twice because of the Internal Revenue Service’s application of Section 280E, a tax code that disallows credits and deductions from income generated by sales of controlled substances.
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