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Letter: Uncle Sam says no to marijuana

Submitted by Marijuana News on Sat, 07/18/2015 - 23:56

Looks like someone other than myself votes "No" on this November's likely ballot issue seeking a constitutional amendment legalizing the personal use and growth of marijuana in Ohio. This "No" voter is Uncle Sam in the embodiment of the Internal Revenue Service. Let me explain.

Marijuana is still classified on federal drug schedules as a "Schedule I" controlled substance. Thus, under federal law, the sale of marijuana remains illegal. A recent newspaper article highlighted a story that a famous boy band star and other luminaries may invest in a pot-growing center to be located in Hudson.

Pot investors, try this one on for size:

Internal Revenue Code section 280E specifically denies a deduction or credit for any expense in a business consisting of trafficking in illegal drugs "prohibited by federal law or the law of any state in which such trade or business is conducted."

Thus, IRS will not allow...

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Ohio
United States

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URL: 
http://www.hudsonhubtimes.com/opinion/2015/07/19/letter-uncle-sam-says-no-to-marijuana

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