Internal Revenue Code:Sec. 212. Expenses for production of income

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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 VII - ADDITIONAL ITEMIZED DEDUCTIONS FOR INDIVIDUALS
       

Statute

    Sec. 212. Expenses for production of income
 
      In the case of an individual, there shall be allowed as a
    deduction all the ordinary and necessary expenses paid or incurred
    during the taxable year -
        (1) for the production or collection of income;
        (2) for the management, conservation, or maintenance of
      property held for the production of income; or
        (3) in connection with the determination, collection, or refund
      of any tax.
 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 69.)
 

Miscellaneous

      DENIAL OF DEDUCTION FOR AMOUNTS PAID OR INCURRED ON JUDGMENTS IN
        SUITS BROUGHT TO RECOVER PRICE INCREASES IN PURCHASE OF NEW
                            PRINCIPAL RESIDENCE
      No deductions to be allowed in computing taxable income for
    two-thirds of any amount paid or incurred on a judgment entered
    against any person in a suit brought under section 208(b) of Pub.
    L. 94-12, see section 208(c) of Pub. L. 94-12, set out as a note
    under section 44 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 62, 127, 164, 183, 197,
    263, 265, 274, 404, 469, 691, 772, 773, 860C, 988, 1275, 6421 of
    this title.