# 26 U.S.C. § 161: Allowance of deductions

Source: OLRC release point 119-134 <https://uscode.house.gov/us/usc/119-134/t26/s161>. Cite pinpoints as 26 U.S.C. § 161(a)(1).

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).

## Regulations

- [Treas. Reg. § 1.161-1](/26/reg/1.161-1.md): Allowance of deductions. (interprets § 161)

## Leading cases

- [Commissioner v. Idaho Power Co., 418 U.S. 1 (1974)](https://www.courtlistener.com/opinion/109082/commissioner-v-idaho-power-co/)
- [PNC Bancorp, Inc. v. Commissioner, 110 T.C. 349 (1998)](https://www.courtlistener.com/opinion/4695539/pnc-bancorp-inc-v-commissioner/)

## Connections

Cites: § 63 Taxable income defined

Cited by: § 62 Adjusted gross income defined

Derived from: 1939 § 23

## Amendments

- 1954-08-16: [Act Aug. 16, 1954, ch. 736](/26/act/1954-ch736.md), 68A Stat. 45
- 1977-05-23: [Pub. L. 95-30](/26/act/95-30.md), 91 Stat. 137