Ganjapreneur loses in U. S. Tax Court over marijuana business
WASHINGTON (Reuters) – The U. S. Tax Court has ruled against a San Francisco medical marijuana seller, snuffing out his business expense deductions, in a decision highlighting the cannabis business’s legal limbo. The court ruled two weeks ago, in only its second decision on the medical marijuana issue, that Martin Olive, sole proprietor of the Vapor Room Herbal Centre, could not claim business expense tax deductions. Under a 1982 U. S. Tax Code rule, marijuana businesses – legal in 17 states and part of an industry with estimated annual revenues of $1. 7 billion (1. . . .
View full post on Odd News Headlines – Yahoo! News
Leave a Reply