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Monday, May 11, 2015 8:46:59 AM
As of now, federal regulation prevents businesses from paying income tax on their net income. Deductions that most businesses take (salaries, rent, utilities, office supplies) are forbidden for marijuana operations. Federal taxes are calculated based on GROSS REVENUES which can mean effective rates that are many multiples that of most corporations.
This has surprised many business owners in Oregon, Colorado and other states where MJ is legal. Seemingly profitable operations may be driven into oblivion based on their tax obligations.
Eddie might need to resurrect the women's football league concept.
See here:
www.nytimes.com/2015/05/10/us/politics/legal-marijuana-faces-another-federal-hurdle-taxes.html?_r=0
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