Harborside appeals 280E ruling on cannabis organization expenditures

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California-primarily based Harborside, a single of the most nicely-recognized and longest-operating cannabis dispensaries in the nation, mentioned Tuesday it is attractive an $11 million judgment against the enterprise with regards to organization deductions beneath 280E of the IRS tax code. “There is an escalating realization that Section 280E as applied by the IRS is (a) tax imposed with out regard to revenue and violates the Sixteenth Amendment to the Constitution, which calls for that the federal tax need to be measured by revenue, not sales,” Harborside’s basic counsel, Jack Nichols, said in a statement. Harborside interim CEO Peter Bilodeau added that the enterprise contends the U.S. Tax Court “misapplied the law as it relates to dispensaries” in an October ruling against the Oakland-primarily based enterprise.

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