Treasury Report Inspires Quixotic Strategy for Marijuana Businesses
Tax Notes Federal, 2020
4 Pages Posted: 1 Apr 2021
Date Written: July 27, 2020
In this article, Allen argues that Treasury’s report on the growth of the marijuana industry and the urgent need for additional guidance from the IRS regarding inventory rule exemptions and deduction disallowances is misplaced: The new law doesn’t enable circumvention of the deduction disallowance, and the IRS has already sufficiently addressed the question.
Keywords: Cannabis, 280E, tax, taxation, marijuana, inventory
JEL Classification: K34
Suggested Citation: Suggested Citation