Internal Revenue Code · 26 U.S.C.
§ 161. Allowance of deductions
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 161
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Enacted
- May 23, 1977 by Pub. L. 95–30
- Length
- 56 words · about 1 min to read
- Cross-references
- cites 2; cited by 4 Code sections and 8 other regulations
- Regulations
- 1 issued under this section
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).
(Aug. 16, 1954, ch. 736, 68A Stat. 45; Pub. L. 95–30, title I, § 102(b)(1), May 23, 1977, 91 Stat. 137.)
Regulations under this section
Treasury regulations (26 CFR) issued under § 161
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 2 other sections
Cited by 4 Code sections
- § 62(a)(2)(A) Adjusted gross income defined
- § 241 Allowance of special deductions
- § 832(c)(10) Insurance company taxable income
- § 848(c)(2) Capitalization of certain policy acquisition expenses
Cited in 8 regulations not issued under it
- § 1.4-3 Husband and wife filing separate returns.
- § 1.62-1 Adjusted gross income.
- § 1.62-2 Reimbursements and other expense allowance arrangements.
- § 1.162-21 Denial of deduction for certain fines, penalties, and other amounts.
- § 1.241-1 Allowance of special deductions.
- § 1.514(a)-2 Business lease rents and deductions for taxable years beginning before January 1, 1970.
- § 1.832-2 Deductions.
- § 1.832-5 Deductions.
Amendment history
From the source credit and the official notes, newest first.
- Enacted by Pub. L. 95–30
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter B Computation of Taxable Income
- Part VI ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS
Nearby sections
- § 161 Allowance of deductions
- § 162 Trade or business expenses
- § 163 Interest
- § 164 Taxes
- § 165 Losses
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
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.