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2.24 MB
Extraction Summary
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Quotes
Document Information
Type:
Investment report / financial analysis
File Size:
2.24 MB
Summary
This document is page 82 of a Cannabis Investment Report produced by Ackrell Capital in December 2017. The text analyzes the legal and financial complexities of the cannabis industry, specifically focusing on the inability to file for federal bankruptcy protection and the tax implications of IRC Section 280E, which limits business deductions for entities trafficking in controlled substances. The document bears a House Oversight Committee Bates stamp, suggesting it was part of a larger congressional inquiry, though the specific page content does not mention Jeffrey Epstein.
Organizations (7)
Locations (5)
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Key Quotes (3)
"The bankruptcy court dismissed the petition, stating it would not assign a trustee 'to administer drug tainted assets for the benefit of creditors who assumed the risk of doing business with an enterprise engaged in violations of federal law.'"Source
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Quote #1
"The Internal Revenue Code (IRC) defines gross income to include 'all income from whatever source derived'"Source
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"Section 280E disallows any deduction or credit for any amount paid or incurred in carrying on a 'trade or business' that consists of unlawful 'trafficking' in a Schedule I or Schedule II controlled substance."Source
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Quote #3
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