Webcast: Federal Taxation of Legal Marijuana (XCFDTM17)
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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: 08/08/2017
10:00 AM until 1:30 PM
Where: Webcast
CALCPA
4173207A
United States
Presenter: George Koutelieris, CPA, MS


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Acronym XCFDTM17
CPE 4 hours
Vendor CalCPA
Category
Taxation
Level Update
Prerequisite Some knowledge of federal and state income taxes.
Adv Prep None
Yellow Book? No
Designed for CPAs and CPA aspirants in public practice and tax staff in private practice.
Registration
Member $120
CPA Non-Member $188

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course 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.

Objectives

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

Major Topics

  • 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.