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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.
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