EXECUTIVE SUMMARY Many home sellers have seen rapid appreciation of their home’s value in recent years, leaving them vulnerable to capital gains beyond the principal-residence exclusion under IRC section 121of $250,000 for an individual or $500,000 for joint filers. If sellers buy another home, however, they may be able to
FROM THIS MONTH'S ISSUE
Cannabis dispensary denied ERC
The Court of Federal Claims held that Sec. 280E, which prohibits deductions and credits for businesses trafficking in controlled substances, applies to the employee retention credit (ERC), including its refundable portion, and denied a cannabis business’s claim for a refundable ERC.
