by 420 College
on October 7, 2011
in 420 College In The News, All Classes | Events | Seminars, CA County Ordinances, CA-Taxes, Dispensaries, FEDERAL TAXES, Live Seminars, TAXES
Harborside Health Center loses high-stakes tax battle; advocates say ruling could cripple the industry | Origin: The Bay Citizen | Written By ZUSHA ELINSON
by MariJane
on August 6, 2011
in TAXES
Tax attorney - Robert W. Woods, states: "Sales tax isn’t the only issue. As I noted here, the IRS also has issues with medical marijuana. Under federal tax law, Internal Revenue Code Section 280E precludes deductions for any business trafficking in controlled substances. For that reason, some dispensaries have been stuck paying tax on their gross income, not on their net after expenses!
