A Colorado marijuana dispensary fighting an IRS summons aimed at determining if it improperly claimed business deductions was unable to sway the Tenth Circuit.
Standing Akimbo Inc. is challenging the summons, which concerns claims for business deductions that are barred under tax code Section 280E, prohibiting tax breaks for businesses that traffic Schedule I or II controlled substances, during the company’s 2014-2016 tax years. In 2021, the US District Court for the District of Colorado held that the summons was valid and that the IRS didn’t abuse its process, leading to the dispensary’s appeal.
In 2020, the US ...