Curaleaf Holdings
In its quarterly statements, Curaleaf said only that, starting in the second quarter of 2024, it had “adopted a new federal and state income tax position, asserting that the restrictions of Section 280E of the Internal Revenue Code (“Section 280E”) do not apply to the Company’s cannabis operations.”
So far for 2024, the company’s provision for future income taxes is $71.8 million.
Beyond that, Curaleaf wrote that it “intends to file for a refund for tax year 2022 … and to report as a non-Section 280E taxpayer for tax year 2023 and going forward.”
“The decision to adopt this position is supported by legal interpretations that challenge the Company’s tax liability as determined pursuant to Section 280E,” the company added, while also noting that “there is a great likelihood” that the IRS will conduct an audit.
https://mjbizdaily.com/marijuana-msos-set-up-high-risk-fight-with-irs-over-280e/