State and Federal Taxation of Cannabis Businesses

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Wyoming CLE
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United Institute for Continuing Legal Education is a provider of accredited CLE courses throughout the country. To view our full accreditation details please .

Live Webinar LIVE
WEBINAR
December 12
Thursday, December 12, 2024
1:00PM - 2:00PM Eastern Time (EST)

About This Course

This CLE course provides a comprehensive overview of federal income tax challenges for businesses operating in state-regulated cannabis industries. While some states permit the cultivation, manufacture, and sale of cannabis, federal law classifies cannabis as a Schedule I controlled substance, which remains illegal. As a result, Section 280E of the Internal Revenue Code prohibits income tax deductions for businesses involved in trafficking Schedule I substances.

This course will cover the types of activities and expenses that are non-deductible under these regulations. Key topics include: defining "trafficking" for tax purposes; distinguishing between deductible expenses and capital investments; reviewing relevant case law interpreting Section 280E; and exploring the potential tax implications of federal cannabis rescheduling.

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