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INTERNAL REVENUE CODE SECTION 280E: CREATING AN …

INTERNAL REVENUE CODE SECTION 280e : CREATING AN IMPOSSIBLE SITUATION FOR LEGITIMATE BUSINESSES What is SECTION 280e ? SECTION 280e of the INTERNAL REVENUE Code forbids businesses from deducting otherwise ordinary business expenses from gross income associated with the trafficking of Schedule I or II substances, as defined by the Controlled Substances Act. The IRS has subsequently applied SECTION 280e to state-legal cannabis businesses, since cannabis is still a Schedule I substance. A throwback from the Reagan Administration, SECTION 280e originated from a 1981 court case in which a convicted cocaine trafficker asserted his right under federal tax law to deduct ordinary business expenses.

business’ tax payment totaled $46,340, which equates to 87% of its true earnings. The business owner had ... Figure 3 is a 1065 and Statement of Activities and Changes In Net Assets from a medical marijuana dispensary in Arizona. The business produced $876,420 in gross receipts and was permitted to deduct $319,386 in Cost of Goods Sold,

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