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cannabis Tag Archives — Tax Resolution Attorney Blog

California-Based Medical Cannabis Company Appeals U.S. Tax Court Ruling on Deductions

The federal Internal Revenue Code (IRC) allows taxpayers to deduct various business expenses from their income for the purposes of computing their total tax bill for a given year, with numerous exceptions. Section 280E of the IRC, for example, prohibits deduction of expenditures involved with “the illegal sale of drugs.”…

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