Moral of the story: Don't do business with the IRS

[midnight rambler]

http://www.rawstory.com/rs/2012/08/06/tax-court-burns-entire-u-s-medical-marijuana-industry/

[iOWNme]

Incredible.

See what happens when you ask 'permission' to 'operate' a 'licensed' business?

[Cebu_4_2]

While the news is indeed grim for medical marijuana shops and drug reform advocates, a lawsuit that could force a change in the government’s classification of marijuana is just around the corner. That case, Americans for Safe Access v. Drug Enforcement Administration (http://www.safeaccessnow.org/article.php?id=7260) (DEA), could force marijuana to be rescheduled by the DEA, opening the door for the pharmaceutical industry to pursue research on numerous potential new drugs, effectively supplanting small-time pot purveyors around the nation (http://www.rawstory.com/rs/2011/04/20/big-pharma-set-to-take-over-medical-marijuana-market/).

[Twisted Titan]

California dispensaries. One of the first businesses targeted (http://www.rawstory.com/rs/2011/03/13/cafed-clash-over-medical-marijuana-clubs/) by the IRS was the Martin Alliance for Medical Marijuana (http://www.cbcmarin.com/), which was forced to shut its doors after the IRS cited § 280E of the federal tax code (http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000280---E000-.html), which prohibits deductions on sales of controlled substances, and demanded millions of dollars in back taxes.




So what happens when Big Phrama J&J claims deductions for when it Fabricates and despenses Tylonol 3 with Codiene???

[jimswift]

I know it's Hollywood, but the latest episode of the show 'Weeds' on Showtime just started getting into this.

The main character is trying to get a job from a local dealer who 'happens' to own a pharma company. One of the products they have is a THC pill basically. He said something like they are waiting for this very thing to happen so they can start moving it.

...and yes, a MASSIVE jewish presence throughout the whole show.