Tax
Jul. 16, 2015
Big loss for marijuana in ruling on taxes
Should marijuana businesses pay tax on gross profits or net profits? The 9th Circuit grappled with the question last week.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Should marijuana businesses pay tax on gross profits or net profits? It sounds
like a silly question. After all, virtually every business in every country pays tax
on net profits, after expenses. Even famously high California business taxes are
based on net revenues.
But the topsy-turvy rules for marijuana seem to defy logic. And taxes are clearly
a big topic ...
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