Can a taxpayer who sells medical marijuana which is subject to the IRC §280E disallowance rules also be engaged in another business not subject to IRC §280E?
Tag Archives: Income Tax
A legal marijuana industry could contribute billions of dollars in annual tax revenues to state and federal governments, according to the Tax Foundation. “If all states legalized and taxed marijuana, states could collectively expect to raise between $5 billion and $18 billion per year,” the report said.
In a non-cannabis industry an entrepreneur might simply go to the bank for financing, but not so in the marijuana world. Few lenders are ready to do business with a startup whose status is still questionable under federal law. Is crowdfunding an option?