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Federal Taxation of Legal Marijuana 4173207A
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Focus on recent cases and IRS administrative guidance; decreasing taxable income of legal marijuana growers, processors and retailers; methods for allocating deductions when a marijuana business and another business is operated by the same entity; and what costs may be capitalized by type of operation (i.e., grower vs. processor vs. retailer). We'll also discuss which types of entities work best for cannabis businesses.

8/8/2017
When: 9:00 AM to 12:30 PM
Where: Webcast
CALCPA
4173207A
United States
Presenter: George Koutelieris, CPA, MS
Contact: April Deneault
801-466-10282


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Curriculums:   Business and Corporate Taxation,Individual Tax Planning and Return Preparation,Financial Leadership Forum

NASBA Credit Category:  Taxes

CPE Hours:  4

Description

Focus on recent cases and IRS administrative guidance; decreasing taxable income of legal marijuana growers, processors and retailers; methods for allocating deductions when a marijuana business and another business is operated by the same entity; and what costs may be capitalized by type of operation (i.e., grower vs. processor vs. retailer). We'll also discuss which types of entities work best for cannabis businesses.

Materials are provided as an ebook.



Major Subjects

  • IRS CCA 201504011: Is the IRS correct and what expenditures are includible as cost of goods sold under this CCA?
  • The 9th Circuit's recent Martin Olive decision.
  • Recent tax court cases.
  • Allocation of expenditures between two businesses (legal marijuana and other business operated by same entity).
  • Business entity choices.

Objectives

  • Recognize recent developments.
  • Identify useful tax planning ideas.

Level:  Update

Designed For

CPAs and CPA aspirants in public practice and tax staff in private practice.

Advanced Prep:

None.

Prerequisite

Some knowledge of federal and state income taxes.

Price:

Members: $120

Nonmembers: $188

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