§ 1.161-1 Allowance of deductions.
Amended 1977
- 1977 Pub. L. 95-30 Pub. L. 95–30 substituted “section 63” for “section 63(a)”.
Cases: Commissioner v. Idaho Power Co., 418 U.S. 1 (1974); PNC Bancorp, Inc. v. Commissioner, 110 T.C. 349 (1998)
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).