The Resource The evolving taxation of the marijuana industry

The evolving taxation of the marijuana industry

Label
The evolving taxation of the marijuana industry
Title
The evolving taxation of the marijuana industry
Creator
Subject
Language
eng
Summary
The legalized marijuana industry is one of the fastest growing industries in the United States. As attitudes toward marijuana evolved, an increasing number of states (currently 28) have legalized marijuana use in some form. While legal for state purposes, it is still illegal under federal law. With being illegal, there are unfavourable tax effects associated with businesses in this industry, most notably Code Sec. 280E that disallows ordinary and necessary business deductions for federal income tax purposes. The authors discuss the background of the marijuana industry, taxation of businesses dealing in illegal substances, Code Sec. 280E disallowance, inventoriable costs - pre-1987 Code Sec. 471 rules, Code Sec. 263A-UNICAP Rules, CCA 201504011, state excise taxes, method of accounting implications, and separate business activities
Citation source
In: Taxes - the tax magazine. - Riverwoods. - Vol. 95 (2017), no.8 ; p. 7-14
http://library.link/vocab/creatorName
  • Marcuson, R
  • Lau, P.C
  • Lendy, C
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • illegal activity
  • deductions
  • federal income tax
  • state tax
  • excise duty
  • accounting
  • case law
Label
The evolving taxation of the marijuana industry
Instantiates
Publication
Label
The evolving taxation of the marijuana industry
Publication

Library Locations

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      Rietlandpark 301, Amsterdam, 1019 DW, NL
      52.37366609999999 4.9336932
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