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Thread: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by apdst View Post
    What's going on here, isn't taxing 100% of the gross profit, but rather not allowing these businesses to deduct the cost of purchasing product from a wholesaler. No doubt this applies to pharmacies who purchase cocaine, morphine, etc.

    Anyone wann take a stab at why meds are so ****ing high?
    I'd be willing to bet that it doesn't apply to pharmacies. The taxing gross profits ploy is just the latest salvo in the California vs federal government battle over pot.

    Did you know that someone caught with pot in California pays a small fine (maybe), but if they get caught on National Forest land in California, they go to jail?
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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by Zyphlin View Post
    First, I don't know if this is an "abuse" of government power. They're enforcing the laws and rules that are on the books. I don't see this any more of an "abuse" of government power than any other government action against individuals using illegal drugs.

    Second, I think those laws on the books are idiotic. And I think that if you're going to state that you're going to let California operate those businesses without federal pressure from law enforcement you should do similarly with regards to the taxes. However, I don't think its an "abuse" not to do that...I just think its underhanded and typical of a career politician who is more concerned about public image than anything else. On one hand, you can seem like you're being lienent with regards to it, on the other hand you can act like you're curtailing it.
    Liberals did it, therefore it's abuse.

    The law has probably been on the books for 20 years, but it's definitely Obama's fault.

    I agree that the law is stupid, though.
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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by Deuce View Post
    Liberals did it, therefore it's abuse.

    The law has probably been on the books for 20 years, but it's definitely Obama's fault.

    I agree that the law is stupid, though.
    I don't care whether it was Bush or Clinton or even Reagan where the law was made. Obama is the one enforcing it now. Therefore, at this time, it IS Obama's fault.
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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by danarhea View Post
    I don't care whether it was Bush or Clinton or even Reagan where the law was made. Obama is the one enforcing it now. Therefore, at this time, it IS Obama's fault.
    But many conservatives threw a fit when Obama decided not to defend DOMA because he was not enforcing the law in their view. So what we have is he is damned if he does, damned if he doesn't. I am not going to criticize a president for enforcing the law, especially when they are already getting a break in terms of the law and enforcement.
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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by Dittohead not! View Post
    I'd be willing to bet that it doesn't apply to pharmacies. The taxing gross profits ploy is just the latest salvo in the California vs federal government battle over pot.

    Did you know that someone caught with pot in California pays a small fine (maybe), but if they get caught on National Forest land in California, they go to jail?
    I'd be willing to bet that you're wrong. The tax code specifically states that corporations that sell controlled substances cannot deduct the cost of purhcasing those controlled substances, so, if a business deals only in controlled substances, then there's no write-off for inventory purchases. I mean, hey, there it is!

    Ya'll wanted pot legalized and taxed; well, you got it.

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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by apdst View Post
    I'd be willing to bet that you're wrong. The tax code specifically states that corporations that sell controlled substances cannot deduct the cost of purhcasing those controlled substances, so, if a business deals only in controlled substances, then there's no write-off for inventory purchases. I mean, hey, there it is!

    Ya'll wanted pot legalized and taxed; well, you got it.
    Can you back that up?

    My pharmacist told me that Lunesta (widely advertised sleeping med) is a controlled substance. What you're saying is that the pharmacy can't deduct the cost of wholesale purchase of Lunesta for resale at the retail level. If that is really so, then it's a wonder that any pharmacy sells it. The difference between wholesale and retail would have to be huge in order to make it pay.

    So, do you really have a link to back up your statement?
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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by Dittohead not! View Post
    Can you back that up?

    My pharmacist told me that Lunesta (widely advertised sleeping med) is a controlled substance. What you're saying is that the pharmacy can't deduct the cost of wholesale purchase of Lunesta for resale at the retail level. If that is really so, then it's a wonder that any pharmacy sells it. The difference between wholesale and retail would have to be huge in order to make it pay.

    So, do you really have a link to back up your statement?
    Will the State of Georgia lose it's tax exemption status for purchasing it's execution drugs from organized crime? If not, then I don't see why marijuana producers in California need to be singled out either.
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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by Dittohead not! View Post
    Can you back that up?

    My pharmacist told me that Lunesta (widely advertised sleeping med) is a controlled substance. What you're saying is that the pharmacy can't deduct the cost of wholesale purchase of Lunesta for resale at the retail level. If that is really so, then it's a wonder that any pharmacy sells it. The difference between wholesale and retail would have to be huge in order to make it pay.

    So, do you really have a link to back up your statement?


    Red. The. Tax. Code. What does it say?

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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by danarhea View Post
    Will the State of Georgia lose it's tax exemption status for purchasing it's execution drugs from organized crime? If not, then I don't see why marijuana producers in California need to be singled out either.
    What does the tax code say?

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    Re: IRS Tells Medical Marijuana Dispensary It Owes Millions In Taxes

    Quote Originally Posted by apdst View Post
    Red. The. Tax. Code. What does it say?
    It says that retail businesses pay taxes on the difference between the wholesale price of the goods they buy and the retail price of the resale. That's what it said.

    Oh, and the tax code is in black and white, not in red.
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