Treasury Regulations, Subchapter A, Sec. 1.72-3
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Sec. 1.72-3 Excludable amounts not income
In general, amounts received under contracts described in paragraph (a)(1) of §1.72–2 are not to be included in the income of the recipient to the extent that such amounts are excludable from gross income as the result of the application of section 72 and the regulations thereunder.
