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Taxation Of A Medical Marijuana Business – How Will The Ninth Circuit Hold?

Cannabis Law Report

In order to operate a dispensary in compliance with California law, Taxpayer was organized and run as a not-for-profit. If all went well, the marijuana would go to a processing room where it underwent further preparation before being weighed, packaged, and labeled. 173, 181 (2007). Corporation Income Tax Return. Problems, Inc.

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California: Which Set of Books?

Cannabis Law Report

The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures. Taxable Year 2007 – California Conformity to Federal Law.