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26 U.S.C. § 161 — Allowance of deductions

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 36 words · no verdicts yet

in plain englishAI-generated · not legal advice

When figuring taxable income, taxpayers can deduct the items listed in this part of the tax code. These deductions are limited by the exceptions in part IX, sections 261 and later.

This section is an introduction to the deductions part of the tax code. When a taxpayer computes taxable income under section 63, the taxpayer is allowed to deduct the items specified in this part of the tax code. But these deductions are subject to the exceptions found in part IX of the code, starting at section 261 — the part that lists items that are not deductible. In short: this section opens the door to deductions, and section 261 and the sections following it narrow that door.
the actual law source: uscode.house.gov ↗public domain

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).

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

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1977Amended · Pub. L. 95-30 · 91 Stat. 137

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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