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ENGAGE 2020


CAN2018 - Can Cannabis Companies Finally Lessen the Burden of 280E?


Jun 11, 2020 9:30am ‐ Jun 11, 2020 10:45am

Description



Expect to cover:

  • Basis on sale of business
  • Specific to Section 280E – scheduled substances:
    • costs of goods sold are deductible but nothing else is deductible
    • marketing costs, professional fee deductibility
    • potential for twice the exposure on non-deductible items
  • Separate operations for each business line for legal and tax purposes
  • Bankruptcy considerations and contingency planning
  • Cannabis cases tax court dissent concludes Section 280E is unconstitutional
    • where new rules may offer relief
  • Managing Tax Debt:
    • for your large and small (<$5m) clients
    • are your clients being double-taxed?
  • Inventory accounting workarounds for 280E:
    • 263a versus 471

Tags: CAN
Category: Concurrent Session (Onsite and Online)

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