SenneySays Tag

Garrett T. Senney has a PhD in Economics from The Ohio State University and works for the Office of the Comptroller of the Currency (OCC) in Washington, DC.  Dr. Senney has graciously given us permission to publish his article below regarding banking a marijuana business. ...

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Under IRC section 708(b)(1)(B), a “technical termination” of a partnership occurs when, within any 12-month period, there is a sale or exchange of 50% or more of the total interest in partnership capital and profits.  A technical termination gives rise to a deemed contribution of...

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Legislation to clarify and correct the small business deduction on a retroactive basis is getting close to becoming law.  HB 334 was amended into SB 8 (which contains many other items) which was passed unanimously by the Senate Ways & Means Committee yesterday.   The bill then...

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The Ohio House of Representatives held its third hearing on HB 334 October 24th.  An amendment to HB 334 was introduced and [caption id="attachment_7012" align="alignright" width="240"] Image provided by Flickr, 401kcalculator.org[/caption] discussed.   The amendment would have added a requirement that small business owners apply for and receive...

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