OAKLAND, CA and TORONTO, Dec. 3, 2019 /CNW/ – PRESS RELEASE – Harborside Inc., a California-focused, vertically integrated cannabis enterprise, has announced that it has formally filed notice of appeal to the United States Court of Appeals for the Ninth Circuit from the Tax Court decision in Patients Mutual Assistance Collective Corporation (d.b.a. Harborside Health Center) v. Commissioner. The Tax Court decision was issued on Nov. 29, 2018. The ruling became final on Oct. 11, 2019, when liability of US$11,013,237 was formally entered by the Tax Court. Harborside is properly filing its appeal within 90 days from that date.
General Counsel Jack Nichols pointed out that, “The Tax Court’s opinion provides an abbreviated and misleading discussion of the critical tax accounting issues regarding cost of goods sold.”
No opinion is expected from the appeal until late 2020. Harborside’s case will be argued in the Ninth Circuit by James Mann of Greenspoon Marder in New York.
Published at Wed, 18 Dec 2019 18:34:00 +0000