Will the government finally legalize marijuana?

[JustWinBaby]

(01-26-2016, 02:14 PM)Benton Wrote: I'm curious about the federal tax aspect, mainly as it relates to business. If a business growing and selling a legal product in Colorado — but an illegal one with the federal government — how can they claim any business expenses at that level? 

Haha, my accounting prof actually used this example.  You can take the fifth on source of income, but can still deduct the cost of goods sold.  IRS is not legally allowed to share that information with other agencies.

From what I've seen, these companies have been extremely careful on how to comply with laws, including anti-money laundering with banking.