California: Stakes Are High As Medical Marijuana Test Case Heads To Tax Court
Colorado may make headlines when it comes to revenues from the sale of marijuana, but California is making the news when it comes to marijuana-related taxes. A test case challenging the Internal Revenue Service (IRS) interpretation of expenses related to the sale of medical marijuana is headed to court: on Monday, June 6, Harborside Health Center, the country’s largest medical marijuana dispensary, will be in Tax Court to argue the application of section 280E of the Internal Revenue Code.
Under current federal law, marijuana is classified as a Schedule I drug, putting it in the same category as heroin, lysergic acid diethylamide (LSD), and ecstasy, among others. According to the Drug Enforcement Agency (DEA), “Schedule I drugs are considered the most dangerous class of drugs with a high potential for abuse and potentially severe psychological and/or physical dependence.” They are defined as “drugs with no currently accepted medical use.”
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