Section 280E definition

Section 280E means section 280E of the United States Internal Revenue Code of 1986, as amended.
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Section 280E means section 280E of the Internal Revenue Code (United States),
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Section 280E means Section 280E of the Code.
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Examples of Section 280E in a sentence

  • This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E.

  • As the Company operates in the cannabis industry, it is subject to the limitations of IRC Section 280E under which the Company is only allowed to deduct expenses directly related to sales of product.

  • This results in permanent book/tax differences for ordinary and necessary business expenses deemed non-allowable under IRC Section 280E.

  • Because the Company is subject to IRC Section 280E, the Company has computed its US tax based on gross receipts less cost of goods sold.

  • Under Section 280E, the Company is generally only allowed to deduct expenses directly related to cost of goods sold.

  • Certain states have legalized the possession, distribution, and cultivation of marijuana for medical and/or non-medical purposes; these activities remain illegal under federal law, which cause higher federal income taxation (IRC Section 280E) and difficulty in obtaining traditional banking relationships.

  • Section 280E therefore has a significant impact on the retail side of cannabis, but a lesser impact on cultivation and manufacturing operations.

  • Under IRC Section 280E, the Company is only allowed to deduct expenses directly related to sales of product.

  • The IRS has invoked Section 280E in tax audits against various cannabis businesses in the U.S. that are licensed under applicable state laws.

  • The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs.The Company is subject to U.S. Internal Revenue Code Section 280E.


More Definitions of Section 280E

Section 280E has the meaning provided in Section 4.3(l).
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Related to Section 280E

  • Section means a section of the Act.

  • Section 409A means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

  • the Code means the Pension Regulator’s Code of Practice No 14 governance and administration of public service pension schemes.

  • Applicable Supervisory Regulations means the provisions of bank supervisory laws and any regulations and other rules thereunder applicable from time to time (including, but not limited to, the BRRD, the CRD, the CRR and the guidelines and recommendations of the European Banking Authority and/or the European Central Bank, the administrative practice of any competent authority, any applicable decision of a court and any applicable transitional provisions) relating to capital adequacy, solvency, other prudential requirements and/or resolution and applicable to the Issuer and/or the banking group to which the Issuer belongs from time to time.

  • IRC means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

  • Treasury Regulations means the regulations promulgated under the Code.