Bloomberg Tax
Jan. 27, 2023, 6:01 PM

Marijuana Dispensary Denied Over IRS Summons Challenge

Jeffery Leon
Jeffery Leon

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 ...

Learn more about Bloomberg Tax or Log In to keep reading:

Learn About Bloomberg Tax

From research to software to news, find what you need to stay ahead.

Already a subscriber?

Log in to keep reading or access research tools.