Making Sense of Internal Revenue Code Section 280E – Part I
Burns Levinson (Cannabusiness advisory)
AUGUST 22, 2018
It’s been a busy summer for cannabis business Section 280E controversy, with three published cases ( Alterman v. Commissioner ; Loughman v. Commissioner ; and Alpenglow Botanicals, LLC v. U.S. ) construing the statute, and generally not in favor of the taxpayer-cannabis business. The limitations of Section 280E and their effects on after tax profits should be fairly familiar to cannabis entrepreneurs, but to keep things fresh in your minds, the statute provides: [n]o deduction or credit sh
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