§ 161. Allowance of deductions

Statutory text

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).

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1954
Aug. 16, 1954, ch. 736, 68A Stat. 45 · 68A Stat. 45
Enacted · 26 U.S.C. § 161
Aug. 16, 1954, ch. 736, 68A Stat. 45
Source evidence
Code source credit
Aug. 16, 1954, ch. 736, 68A Stat. 45
1977
Tax Reduction and Simplification Act of 1977
Pub. L. 95–30 title I § 102(b)(1) · 91 Stat. 126
Substituted · 26 U.S.C. § 161
Pub. L. 95–30 substituted “section 63” for “section 63(a)”
Source evidence
Code amendment note
Pub. L. 95–30 substituted “section 63” for “section 63(a)”.
Enacted provision · exact public law section
(1) Section 161 (relating to allowance of deductions) is 26 USC 161. Ante, p. 135. amended by striking out “section 63(a)” and inserting in lieu thereof “section 63”.
Effective date note
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.

1 of 2 references resolved to an enrolled provision · 1 partial

Editorial Notes

Amendments

1977—Pub. L. 95–30 substituted “section 63” for “section 63(a)”.

Statutory Notes and Related Subsidiaries

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.

Credits

1954–1977 · 2 acts

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

Show as published

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