Harborside appeals 280E ruling on cannabis organization costs

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California-primarily based Harborside, a single of the most nicely-recognized and longest-operating cannabis dispensaries in the nation, mentioned Tuesday it is attractive an $11 million judgment against the enterprise concerning organization deductions beneath 280E of the IRS tax code. “There is an growing realization that Section 280E as applied by the IRS is (a) tax imposed devoid of regard to earnings and violates the Sixteenth Amendment to the Constitution, which demands that the federal tax need to be measured by earnings, not sales,” Harborside’s common counsel, Jack Nichols, said in a statement. Harborside interim CEO Peter Bilodeau added that the enterprise contends the U.S. Tax Court “misapplied the law as it relates to dispensaries” in an October ruling against the Oakland-primarily based enterprise.

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