The U.S. Supreme Court announced that it has denied a petition for review filed in a case involving a Colorado marijuana dispensary. In a long legal battle, the U.S. Appeals Court for the 10th Circuit ruled against the dispensary earlier this year, stating that an IRS summons seeking information about the business was properly granted. The case stems from the fact that marijuana businesses can’t claim business tax breaks on federal tax returns. While many states have legalized marijuana use, it’s illegal under federal law. As a result, deductions or credits for amounts paid or incurred in carrying on a marijuana business are disallowed. (Standing Akimbo, Inc., 6/12/23)
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