Internal Revenue Code:Sec. 161. Allowance of deductions
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Contents |
Location in Internal Revenue Code
TITLE 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter B - Computation of Taxable Income PART VI - ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS
Statute
Sec. 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).
Sources
(Aug. 16, 1954, ch. 736, 68A Stat. 45; Pub. L. 95-30, title I, Sec. 102(b)(1), May 23, 1977, 91 Stat. 137.)
Miscellaneous
AMENDMENTS 1977 - Pub. L. 95-30 substituted ''section 63'' for ''section 63(a)''. 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.