
“The IRS employs Section 280E, a 1982 addition to the tax code that was a response to a drug dealer’s successful effort to claim his yacht, weapons purchases, and even illicit bribes as business expenses. Under 280E, individuals involved in the illicit sale of controlled substances — including marijuana, even medical marijuana in states where it is legal — cannot claim standard business expenses on their federal taxes. Oakland’s Harborside Health Center was hit with a $2 million IRS assessment in 2011 after the tax agency employed Section 280E against it. Similarly, when the feds raided Oaksterdam University, it wasn’t just DEA, but also IRS agents.”
http://stopthedrugwar.org/chronicle/2013/may/16/irs_war_medical_marijuana_provid
Related posts:
The Benefits of Bitcoin in International Travel
Reality Check: What The Fiscal Cliff Means For Businesses, Employees & The Unemployed
Bitcoin ATM Machines Receive Full Funding Hours After Campaign Launches
Belarus and Russia in a ‘chocolate war’ against Ukraine
Biden in 2006 schools Obama in 2013 over NSA spying program
You're Crazy Not to Have Some Cash
Solutions: Overcoming Stockholm Syndrome
Author Behind Ransomware Tox Calls it Quits, Sells Platform
America’s Afghanistan Troops: “Home by Christmas . . . 2014”
The Total Failure Of Gun Control Captured In One Photo
Imran Hussain on Frontier Investing and the UAE Tax-Free Zone
Private Probation Firm Illegally Extended Sentences, Judge Finds
Bitcoin ATM Company Refused Account by Bank of Ireland
Are Government Schools a Form of Child Abuse?
Retirement Dreams (Workers) vs. Reality (Retirees)