Seyfarth Shaw: Section 280E – Why Are We Still Having This Discussion?

Seyfarth Shaw: Section 280E – Why Are We Still Having This Discussion?

By Stanley Jutkowitz on January 30, 2020 POSTED IN TAX If you are in the cannabis industry, you should already know Section 280E of the Internal Revenue Code.  It consists of only one sentence: No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such…

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Source : CANNANNEW REPORT
Link to original : Seyfarth Shaw: Section 280E – Why Are We Still Having This Discussion?
reposted by Cannabis News World

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