26 U.S.C. § 280E
§ 280E. Expenditures in connection with the illegal sale of drugs
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 1982 by the Tax Equity and Fiscal Responsibility Act of 1982. Last changed September 3, 1982 by the Tax Equity and Fiscal Responsibility Act of 1982.
Every change, newest first (1)
- September 3, 1982Tax Equity and Fiscal Responsibility Act of 1982 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such trade or business is conducted.