Internal Revenue Code – Section 161

Sec. 161. Allowance of deductions

-STATUTE-

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-

(Aug. 16, 1954, ch. 736, 68A Stat. 45; Pub. L. 95-30, title I, Sec.

102(b)(1), May 23, 1977, 91 Stat. 137.)

 

 

-MISC1-

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.

 

-End-