Internal Revenue Code · 26 U.S.C.
§ 242. Repealed. Pub. L. 94–455, title XIX, § 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769
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. § 242
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- Repealed
- Cross-references
- cites 0; cited by 0 Code sections and 12 other regulations
- Regulations
- 1 issued under this section
Repealed. Pub. L. 94–455, title XIX, § 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769
Regulations under this section
Treasury regulations (26 CFR) issued under § 242
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
Cited in 12 regulations not issued under it
- § 1.11-1 Tax on corporations.
- § 1.241-1 Allowance of special deductions.
- § 1.401(a)(9)-0 Required minimum distributions; table of contents.
- § 1.401(a)(9)-8 Special rules.
- § 1.702-1 Income and credits of partner.
- § 1.809-5 Deductions.
- § 1.809-6 Modifications.
- § 1.815-3 Shareholders surplus account.
- § 1.822-10 Amortization of premium and accrual of discount.
- § 1.852-3 Investment company taxable income.
- § 1.1244(c)-1 Section 1244 stock defined.
- § 301.7610-1 Fees and costs for witnesses.
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter B Computation of Taxable Income
- Part VIII SPECIAL DEDUCTIONS FOR CORPORATIONS
Nearby sections
- § 241 Allowance of special deductions
- § 242 Repealed
- § 243 Dividends received by corporations
- § 244 Repealed
- § 245 Dividends received from certain foreign corporations
- § 245A Deduction for foreign source-portion of dividends received by domestic corporations from specified 10-percent owned foreign corporations
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 72; Feb. 26, 1964, Pub. L. 88–272, title I, § 123(c), 78 Stat. 30, allowed to corporations as a deduction the amount received as interest on obligations of the United States or on obligations of corporations organized under Acts of Congress which are instrumentalities of the United States under certain conditions.
Statutory Notes and Related Subsidiaries
Effective Date of Repeal
Repeal effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as an Effective Date of 1976 Amendment note under section 2 of this title.