Question
Many states have legalized the sale of marijuana for personal and/or medical purposes. However, it is still a federal crime to sell marijuana in any
Many states have legalized the sale of marijuana for personal and/or medical purposes. However, it is still a federal crime to sell marijuana in any of the 50 states, regardless of the state laws. Income from any and all sources, including illegal activities, is taxable at the federal level, including income from the sale of marijuana.
What has the tax court ruled about tax deductions for business expenses for those engaged in the sale of marijuana?
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Section 280E and The Taxation of Cannabis Businesses Section 280E of the Internal Revenue Code prohibits taxpayers who are engaged in the business of trafficking certain controlled substances includin...Get Instant Access to Expert-Tailored Solutions
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Business Law The Ethical Global and E-Commerce Environment
Authors: Arlen Langvardt, A. James Barnes, Jamie Darin Prenkert, Martin A. McCrory
17th edition
1259917118, 978-1259917110
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