Transcription of Internal Revenue Service Memorandum
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Internal Revenue Service Memorandum
Office of Chief CounselInternal Revenue ServiceMemorandumNumber: 201504011 Release Date: 1/23/2015CC:ITA:6 LFNolanIIPOSTS-125750-13 , , , , , : December 10, 2014to: Matthew A. HoutsmaAssociate Area Counsel (Small Business/Self-Employed)CC:SB:5:Den:2from : W. Thomas McElroy, TechnicianReviewerOffice of Associate Chief Counsel (Income Tax & Accounting)CC:ITA:6subject: Taxpayers Trafficking in a Schedule I or Schedule II controlled Substance --Capitalization of Inventoriable CostsThis adviceresponds to your request for assistance. This advice may not be used or cited as (1)How does a taxpayer trafficking in a Schedule I or Schedule II controlled substance determine cost of goods sold ( COGS ) for the purposes of 280E of the Internal Revenue Code ( Code )?(2)May Examination or Appeals require a taxpayer trafficking in a Schedule I or Schedule II controlled substance to change to an inventory method for that controlled substance when the taxpayer currently deducts otherwise inventoriable costs from gross income?
POSTS-125750-13 3 subtracting all ordinary and necessary business expenses (e.g., §162(a)) from gross income. In 1981, the Tax Court allowed an illegal business to recover the cost of the controlled
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