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Federal Taxation of Cannabis Businesses: Updates and the Changing Landscape

SKU: TAX7200
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Available In:
General Credits
1
Price$50
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Description

This CLE course examines the federal income tax issues that affect businesses operating in the state-regulated cannabis industry. While some states permit businesses to cultivate, manufacture, and sell cannabis within a regulated market, cannabis remains illegal under federal law. Section 280E of the Internal Revenue Code disallows income tax deductions for businesses trafficking in a Schedule I controlled substance, such as cannabis.

This course covers four key areas. First, it provides a high-level overview of IRC Section 280E, including its history, application, and historically significant court cases. Next, it offers a brief update on federal efforts to reschedule cannabis.

The course then discusses current case law, including the arguments raised in Canna Provisions and the ongoing Tax Court case New Mexico Top Organics (d/b/a Ultra Health). Finally, it explores considerations for businesses operating under the ongoing uncertainty surrounding cannabis rescheduling.

Lecturer Bio

James G, Hunt, Esq.

James Hunt is a CPA and JD with Guske & Company Inc with 38 years of state and federal tax experience. For the last 10 years, he has advised multi-state and international cannabis businesses in tax structuring, M&A, and federal and state audit defense.

His prior experience includes leadership roles providing state and local services to clients in Big 4 and mid-market accounting firms; a role as State Tax Counsel for GE Capital; Vice President of Tax Controversy for Washington Mutual/Chase; and a team leader for Amazon handling state income tax and jurisdiction audits.

Mr. Hunt is a licensed CPA in Washington State and a licensed attorney in Washington State and Illinois.

The National Academy of Continuing Legal Education is an Alabama State Bar Accredited CLE Sponsor (CLE Sponsor #5893). All courses offered by the National Academy of Continuing Legal Education have been directly approved by the Alabama State Bar. To view our full accreditation details, please click here.

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