TaxConnections

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please Type Topic Into Search Bar

What does the Control Substances Act say about marijuana and the taxation of them? Does it cover any such tax rules?

Marijuana Controlled Substances Act Taxes And Marijuana
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
William Rogers, CFP, MBA, EA
Generally speaking, because marijuana is a Schedule 1 narcotic any business engaged in the sale of marijuana i.e. dispensaries, grow operations, medical clinics, etc. are deemed in be engaged in an "illegal trade or business" per IRC 280e. Therefore, all deductions would be disallowed per IRC 280e except for expenditures related to the "cost of goods sold".
Leave a Comment 126 weeks ago


Meet Leading Tax Advisors

User Photo John Stancil

Professor

Lakeland

User Photo Peter J. Scalise

Federal Tax Credits & Incentives Practice Leader

New York, NY

User Photo John Dundon, II EA

Tax Director

Denver, CO

User Photo William Rogers, CFP, MBA, EA

CEO/Certified Financial Advisor

Rancho Santa Fe, CA

User Photo Monika Miles

President

San Jose, CA

User Photo Blake Christian

Tax Partner

Long Beach/ Park City, CA

User Photo John Richardson

Lawyer

Toronto, Canada

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today