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State and Federal Taxation of Cannabis Businesses

SKU: TAX7100
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Description

This CLE course will provide an overview of the federal income tax issues facing a business operating in the state regulated cannabis industry. Some states allow a business to grow, manufacture and sell cannabis in a state regulated market. Under federal law, cannabis is a Schedule I controlled substance and remains illegal.

Section 280E of the Internal Revenue Code disallows income tax deductions for a business trafficking in a Schedule I controlled substance. This course will examine what activities and expenses are not deductible. Specifically, the course will examine: the definition of trafficking; the treatment of expenses paid vs capital investments; relevant cases determining the applicability of 280E and the impact of the potential federal rescheduling of cannabis.

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.

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