26 U.S.C. § 161
§ 161. Allowance of deductions
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed May 23, 1977 by the Public Law 95-30.
Every change, newest first (2)
- May 23, 1977Public Law 95-30
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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).