§ 1.266-1 Taxes and carrying charges chargeable to capital account and treated as capital items.
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Cases: Foster v. Commissioner, 80 T.C. 34 (1983); Estate of Stamos v. Commissioner, 55 T.C. 468 (1970); Purvis v. Commissioner, 65 T.C. 1165 (1976)
Final rules 1
No deduction shall be allowed for amounts paid or accrued for such taxes and carrying charges as, under regulations prescribed by the Secretary, are chargeable to capital account with respect to property, if the taxpayer elects, in accordance with such regulations, to treat such taxes or charges as so chargeable.