New York State Lawmakers Push For Medical Marijuana Law
Category: Medical Marijuana | Posted on Fri, April, 26th 2013 by THCFinder
NEW YORK (CBSNewYork) – Lawmakers and terminally ill patients gathered on the steps of City Hall on Thursday to call for the passage of a medical marijuana law in New York State.
Beverly McClain has stage 4 breast cancer.
“I now have metastasis in my bones, in my lymph nodes and in my brain,” McClain told reporters including WCBS 880′s Rich Lamb.
She has used marijuana to ease her pain and nausea.
“Medical marijuana for me is synonymous with just being able to take a break from all the hell that people like me have to go through,” said McClain.
She said a lot of patients are afraid to use marijuana medicinally until it is legal.
“I would really appreciate it if we could pass this law before I die,” she added.
Read more: http://newyork.cbslocal.com
Rapper 2 Chainz Found Not Guilty of Marijuana Possession
Category: Celebrities | Posted on Fri, April, 26th 2013 by THCFinder
It looks like 2 Chainz is officially off the hook.
The Grammy-nominated rapper—whose real name is Tauheed Epps—was found not guilty today on marijuana charges stemming from a traffic stop on Valentine's Day, according to local reports.
According to the police report, Epps' vehicle was pulled over for speeding in Maryland for driving 79 mph in a 55 mph zone.
"Upon approaching the van, an odor of marijuana was smelled coming from the vehicle," a spokesman for the Maryland State Police told E! News in February. "A probable cause search was executed and a backpack was found with a grinder and trace evidence of marijuana."
2 Chainz was found not guilty on both charges, possession of marijuana and possession of marijuana paraphernalia.
Harvard Law School Offers 'Tax Planning For Marijuana Dealers'
Category: Odd | Posted on Thu, April, 25th 2013 by THCFinder
I’m the last one to say this is a silly topic, because it is not. But you have to admit is sounds a little funny. Bizarrely–and there’s much in our tax law that’s downright bizarre–there’s actually a need for this kind of, er, down and dirty tax planning session. And someone should bring the Cheetos.
Perhaps Harvard’s Board of Trustees will get wind of it and get upset. But the ire should be directed at tax rules that need fixing. Now that we have legalized medical marijuana in 18 states and the District of Columbia can these businesses be run like businesses? Not really. Massachusetts was the most recent entrant, and its marijuana businesses, like those in all the other states, face legal and tax problems.
For that matter, Colorado and Washington have even legalized recreational use. Again, tax problems there too. Why? Because even legal dispensaries are drug traffickers to the feds. Section 280E of the tax code denies them tax deductions, even for legitimate business costs. Of all the federal enforcement efforts, taxes hurt most. “The federal tax situation is the biggest threat to businesses and could push the entire industry underground,” the leading trade publication for the marijuana industry reports.
One answer is for dispensaries to deduct other expenses distinct from dispensing marijuana. If a dispensary sells marijuana and is in the separate business of care-giving, the care-giving expenses are deductible. If only 10% of the premises are used to dispense marijuana, most of the rent is deductible. Good record-keeping is essential. See Medical Marijuana Dispensaries Persist Despite Tax Obstacles.
Another idea was presented April 24 at Harvard by Professor Benjamin Leff of American University’s Law School. Professor Leff’s paper carried an unvarnished title: Tax Planning for Marijuana Dealers. It was part of Harvard’s Tax Policy Seminar hosted by Harvard Prof. Stephen Shay. Mr. Leff correctly pointed out the 280E Catch 22 and came up with another end run.
Marijuana sellers could operate as nonprofit social welfare organizations, he suggested. See Growing the Business: How Legal Marijuana Sellers Can Beat a Draconian Tax. That way Section 280E shouldn’t apply. A social welfare organization must promote the common good and general welfare of people in its neighborhood or community. Operating businesses in distressed neighborhoods to provide jobs and job-training for residents? That could fit a dispensary nicely.
Read more: http://www.forbes.com
Category: Nugs | Posted on Thu, April, 25th 2013 by THCFinder
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