26 USC 161: Allowance of deductions
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26 USC 161: Allowance of deductions Text contains those laws in effect on November 20, 2024
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter B-Computation of Taxable IncomePART VI-ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS
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§161. Allowance of deductions

In computing taxable income under section 63, there shall be allowed as deductions the items specified in this part, subject to the exceptions provided in part IX (sec. 261 and following, relating to items not deductible).

(Aug. 16, 1954, ch. 736, 68A Stat. 45 ; Pub. L. 95–30, title I, §102(b)(1), May 23, 1977, 91 Stat. 137 .)


Editorial Notes

Amendments

1977-Pub. L. 95–30 substituted "section 63" for "section 63(a)".


Statutory Notes and Related Subsidiaries

Effective Date of 1977 Amendment

Amendment by Pub. L. 95–30 applicable to taxable years beginning after Dec. 31, 1976, see section 106(a) of Pub. L. 95–30, set out as a note under section 1 of this title.