This post should not be construed as legal advice but rather educational in nature.
Section 280E of the Internal Revenue Code (IRC) came about as a result of a 1981 court case where a convicted cocaine trafficker attempted to use his right under Federal tax law to deduct ordinary business expenses. I am sure you can see that deducting business expenses for a cocaine trafficking business might sound wrong. Right? Well, if you thought that then you are right on track to what the Federal government in 1982 also thought.Read More