In a landmark decision, the Tax Court has ruled the nation’s largest dispensary will have to repay tax deductions taken between 2007 and 2012. In Patients Mutual Assistance Collective Corporation (d.b.a. Harborside Health Center), v. Commissioner, 151 T.C. No. 11, the Tax Court ruled, among other things, that a medical-marijuana dispensary that was also 1) selling non-marijuana products such as clothing, hemp bags, and books; and 2) providing free therapeutic services was prevented by the Internal Revenue Code from deducting any of its ordinary and necessary business expenses.The Harborside ruling is the latest in a line of cases from the Tax Court that serves as a harsh reminder for entrepreneurs with aspirations to make a splash in this burgeoning industry: regardless of whether your state has legalized cannabis, “[t]o the Commissioner that just makes you a giant drug trafficker.”I. Section 280E of the Internal Revenue CodeThe law at issue is Section 280E of the Internal … [Read more...] about For Cannabis Companies, Hits Just Keep on Coming
Springfield, MO — Carnahan, Evans, Cantwell & Brown, P.C. (“CECB”) is pleased to announce that David K. Olive has joined the firm’s Estate Planning and Transactional practice groups.David concentrates his practice in the areas of tax planning, corporate transactions, employee benefits, estate planning, and business succession planning for family-owned businesses.Prior to joining CECB, Mr. Olive was a Trust Officer at two national trust companies, where he handled complex issues related to trust and estate settlement administration.CECB is a locally owned law firm formed in 1979. The firm currently has 18 attorneys. … [Read more...] about Attorney David K. Olive Joins Carnahan, Evans, Cantwell & Brown, P.C.
Springfield, Mo. — Carnahan, Evans, Cantwell & Brown, P.C. (CECB) is pleased to announce that three of its attorneys have been named, by Missouri-Kansas Super Lawyers magazine, as among the top attorneys in Missouri for 2018. John M. Carnahan, III and Thomas D. Peebles, Jr. were included on this year’s Missouri-Kansas Super Lawyers list. Megan E. McCullough was included on the Missouri-Kansas Rising Stars list.The selections for the Super Lawyers list are made by the research team at Super Lawyers, which is a service of the Thomson Reuters Legal division. Each year, the research team at Super Lawyers undertakes a rigorous multi-phase selection process that includes a statewide survey of lawyers, independent evaluation of candidates by the attorney-led research staff, a peer review of candidates by practice area, and a good-standing and disciplinary check. Being included on the lists is an honor reserved for those lawyers who exhibit excellence in practice. Only 5 … [Read more...] about The law firm of Carnahan, Evans, Cantwell & Brown, P.C. Has Three Attorneys Selected for Inclusion On the 2018 Missouri Kansas Super Lawyers-Rising Stars lists
Springfield, MO — Carnahan, Evans, Cantwell & Brown, P.C. (“CECB”) is pleased to announce that Andy Peebles was recently selected to participate in Leadership Springfield Class 36. Leadership Springfield is a nine-month comprehensive community-based leadership program.Mr. Peebles is a member of the Estate Planning group at CECB and his practice involves interpersonal communication with clients aimed at understanding their unique estate planning needs and objectives, and the preparation of various estate planning documents, including simple and complex trusts, wills, powers of attorney, premarital agreements, and business documents to accurately reflect those needs. Mr. Peebles also assists clients in the administration and distribution of the estates and trusts of recently deceased loved ones.Mr. Peebles earned his Juris Doctor from the University of Missouri School of Law, graduating with a concentration in Estate Planning and Taxation. … [Read more...] about Attorney Andrew T. Peebles Selected to Leadership Springfield Class 36
Springfield, MO — Carnahan, Evans, Cantwell & Brown, P.C. (“CECB”) is pleased to announce that Douglas R. Nickell has joined the firm’s Estate Planning practice group.Doug concentrates his practice in the areas of estate planning and estate and trust administration.Doug most recently practiced with Lathrop Gage, LLP and has more than 38 years of experience.CECB is a locally owned law firm formed in 1979. The firm currently has 17 attorneys. … [Read more...] about Attorney Douglas R. Nickell Joins Carnahan, Evans, Cantwell & Brown, P.C.