Marijuana Dispensary's Tax Break Dispute Denied by Supreme Court – Bloomberg Tax
The U.S. Supreme Court won’t consider a Colorado marijuana dispensary’s dispute with the IRS over a deduction restriction for drug-related businesses.
The high court on Monday rejected the challenge from Standing Akimbo LLC, which operates a state-legal medical marijuana dispensary in Denver.
Standing Akimbo petitioned the high court last November to consider their challenge to an IRS summons issued as part of an investigation whether the dispensary took advantage of barred tax breaks. Section 280E of the U.S. tax code bars anyone “trafficking” in drugs under Schedules I and II of the Controlled Substances Act from using various …