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Sec. 163 of the IRC permits deductions for interest paid or accrued during the taxable year. [2] However, the Tax Reform Act of 1986 severely limited the scope of this interest deduction. In effect, the Tax Reform Act changed § 163 from a general rule for deduction into one of non-deduction with six discreet exceptions. [3]
The text of the Internal Revenue Code as published in title 26 of the U.S. Code is virtually identical to the Internal Revenue Code as published in the various volumes of the United States Statutes at Large. [3] Of the 50 enacted titles, the Internal Revenue Code is the only volume that has been published in the form of a separate code.
Section 7805 of the Internal Revenue Code gives the United States Secretary of the Treasury the power to create the necessary rules and regulations for enforcing the Internal Revenue Code. [2] These regulations, including but not limited to the "Income Tax Regulations," are located in Title 26 of the Code of Federal Regulations, or "C.F.R ...
Section 162(a) of the Internal Revenue Code (26 U.S.C. § 162(a)), is part of United States taxation law. It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [ 1 ]
Section 2(a) of the Act also officially changed the name of the Internal Revenue Code from the Internal Revenue Code of 1954 to the Internal Revenue Code of 1986. Although the Act made numerous amendments to the 1954 Code, it was not a re-enactment or a substantial re-codification or reorganization of the overall structure of the 1954 Code.
Internal Revenue Code section 61; Internal Revenue Code section 79; 26 USC 102(c) Internal Revenue Code section 132(a) Internal Revenue Code section 162(a) Section 179 depreciation deduction; Internal Revenue Code section 183; Internal Revenue Code section 212; Internal Revenue Code section 355; 401(a) 401(k) Roth 401(k) 403(b) SIMPLE IRA ...
Case history; Prior: Groetzinger v. Commissioner, 82 T.C. 793 (1984); affirmed, 771 F.2d 269 (7th Cir. 1985); cert. granted, 475 U.S. 1080 (1986).: Holding; Under the terms of § 162(a), tax deductions should be granted for all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business for tax purposes.
The taxpayer deducted the expenses under Section 162. [5] The service argued that Section 165(d) precluded the taxpayer from engaging in gambling as a "trade or business." [4] The Tax Court held that the taxpayer's gambling was a business activity and allowed the deductions. In essence, the court held that Section 165(d) only applies when a ...