Will Tax-Code #280E hinder the #Burgeon of a Newly #Burgeoning Industry in Oklahoma? @IRStaxpros @GreenGrowthCPAs @Wikipedia
'CannaBiz' has been a burgeoning industry in Oklahoma for about a year. And–though cannabis-products are 'legal in over 30 States'–they are still classified as illegal Federally.
That's important, as it means that tax-code 280E applies—cannabis-entrepreneurs can only write-off 'cost of goods sold' (COGS ... as opposed to all the other expenses of running a business (employee-salary, air-conditioning of non-storage-areas, etc.)) as a business-expense for their tax-refund.
The video below informs me that 280E isn't 'a new law they invented to get more money out of us'—it's from the days when then-First Lady Nancy Reagan was waging a "War on Drugs." That war is long-over, but–like the Jews cry out about The Holocaust, like the Americans cry out about the 9/11 Terror-Attack (except not at all like that! ... don't CancelCulture me!)–Tax-Nerds cry out "Never Forget!" the 280E tax-code!
But–almost blinded by the burgeon of this new-to-us industry in Oklahoma–I guess it's best to refresh our memory on 280E (linked above).
But I'm more interested in 'That word' (below-hyperlinked to Green Growth CPAs' homepage), which is built on an even-deeper source ... something crucial that firms the foundation upon which our lexicon stands ...
The word “Burgeoning” is built on words that mean “a Bud, |Shoot, |Pimple,” based on unknown Foundations (maybe "|Flock of Wool," maybe "to |Raise, |Lift up").
Know anything else interesting about that? Comment!
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