The Resource Medical marijuana dispensary does not qualify for 501(c)(3) status
Medical marijuana dispensary does not qualify for 501(c)(3) status
Resource Information
The item Medical marijuana dispensary does not qualify for 501(c)(3) status represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.This item is available to borrow from 1 library branch.
Resource Information
The item Medical marijuana dispensary does not qualify for 501(c)(3) status represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.
This item is available to borrow from 1 library branch.
- Summary
- Ltr. Rul. 202014019 is the Revenue Service's final determination that a corporation's application for tax-exempt status under Section 501(c)(3) did not qualify because it was organized to distribute medical marijuana. Facts: The corporation's Articles of Incorporation state that the corporation is organized to dispense medical cannabis to legally qualified patients. Its bylaws state that it is organized for the charitable and educational purposes of dispensing cannabis medication to qualified patients. Analysis: Section 501(c)(3) provides for the exemption from federal income tax of corporations organized and operated exclusively for charitable or educational purposes, provided no part of the net earnings inures to the benefit of any private shareholder or individual. Implications: It's not surprising that the corporation was denied exempt status by the Service. A further question is whether the corporation could apply for, and receive, exempt status in the state of its operation since cannabis possession and distribution is legal in that state
- Language
- eng
- Label
- Medical marijuana dispensary does not qualify for 501(c)(3) status
- Title
- Medical marijuana dispensary does not qualify for 501(c)(3) status
- Language
- eng
- Summary
- Ltr. Rul. 202014019 is the Revenue Service's final determination that a corporation's application for tax-exempt status under Section 501(c)(3) did not qualify because it was organized to distribute medical marijuana. Facts: The corporation's Articles of Incorporation state that the corporation is organized to dispense medical cannabis to legally qualified patients. Its bylaws state that it is organized for the charitable and educational purposes of dispensing cannabis medication to qualified patients. Analysis: Section 501(c)(3) provides for the exemption from federal income tax of corporations organized and operated exclusively for charitable or educational purposes, provided no part of the net earnings inures to the benefit of any private shareholder or individual. Implications: It's not surprising that the corporation was denied exempt status by the Service. A further question is whether the corporation could apply for, and receive, exempt status in the state of its operation since cannabis possession and distribution is legal in that state
- Citation source
- In: Journal of taxation. - New York. - Vol. 132 (2020), no. 6 ; 3 p
- Geographic coverage
- North America
- Language note
- English
- http://library.link/vocab/subjectName
-
- medical sector
- tax exempt company
- charities
- illegal activity
- Label
- Medical marijuana dispensary does not qualify for 501(c)(3) status
- Label
- Medical marijuana dispensary does not qualify for 501(c)(3) status
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/Medical-marijuana-dispensary-does-not-qualify-for/GDjDABxlmk8/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/Medical-marijuana-dispensary-does-not-qualify-for/GDjDABxlmk8/">Medical marijuana dispensary does not qualify for 501(c)(3) status</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/Medical-marijuana-dispensary-does-not-qualify-for/GDjDABxlmk8/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/Medical-marijuana-dispensary-does-not-qualify-for/GDjDABxlmk8/">Medical marijuana dispensary does not qualify for 501(c)(3) status</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
