Most corporations can claim deductions for “ordinary and necessary expenses” that are “paid or incurred during the taxable year in carrying on any trade or business.” I.R.C. § 162(a). However, otherwise allowed deductions are not available to taxpayers who engage in certain activities that Congress regards as unlawful, I.R.C. § 280E, including trafficking in controlled substances like marijuana.
Patients Mutual Assistance Collective Corp., No. 19-73078 (9th Cir. 4/22/21).
"Medical Cannabis Growing Operation in Oakland, California" by Rusty Blazenhoff is licensed under CC BY-NC 2.0
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