§ 1.212-1 Nontrade or nonbusiness expenses.Prop. § 1.212-1 Proposed 2004 · Nontrade or nonbusiness expenses.
Cases: Neely v. Commissioner, 85 T.C. 934 (1985); Green v. Commissioner, 507 F.3d 857 (5th Cir. 2007)
In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year—
(1) for the production or collection of income;
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(2) for the management, conservation, or maintenance of property held for the production of income; or
Cases: Accardo v. Commissioner, 942 F.2d 444 (7th Cir. 1991)
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(3) in connection with the determination, collection, or refund of any tax.