IRS Hits Oakland Pot Shop With $2.4M Tax Bill
The federal government has found a new weapon in its war on marijuana — the tax man.
A San Francisco Bay area medical marijuana dispensary that promotes itself as the world's largest has been hit with a $2.4 million tax bill following an audit by the Internal Revenue Service, the dispensary founder said Tuesday.
The back taxes, penalties and interest levied against Harborside Health Center came after the IRS examined its returns for 2007 and 2008 and determined a 1982 tax code prohibiting cost deductions for businesses that traffic in illegal drugs applies to the dispensary.
Full article: http://www.myfoxny.com/dpps/news/irs-hits-oakland-pot-shop-with-24m-tax-bill-dpgapx-km-20111004_15331274
A San Francisco Bay area medical marijuana dispensary that promotes itself as the world's largest has been hit with a $2.4 million tax bill following an audit by the Internal Revenue Service, the dispensary founder said Tuesday.
The back taxes, penalties and interest levied against Harborside Health Center came after the IRS examined its returns for 2007 and 2008 and determined a 1982 tax code prohibiting cost deductions for businesses that traffic in illegal drugs applies to the dispensary.
Full article: http://www.myfoxny.com/dpps/news/irs-hits-oakland-pot-shop-with-24m-tax-bill-dpgapx-km-20111004_15331274
2 Comments
GeeSussFreeKAnother good reason to adopt a sales tax (or something OTHER than income tax for gods sakes!), you don't have to worry about dumb shit like this anymore. I would love to be able to deduct utter confusion from my tax code. It would be nice to actually understand the tax code and not have to trust God ( IE turbo tax ) that he is not writing me into some tax loophole that is going to come back and get me arrested in 5 years. Does anyone know if they are compliant with the tax code, like REALLY know, not, "I have a good feeling about it." I know I didn't commit murder today, that's pretty easy to know. I would like to have that same satisfaction with taxes...and not get ripped off.
BoneRemakeThats pretty disgusting.
Good thing Oboma touted not to go after Medical Murijwana.
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