26 USC 266: Carrying charges
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26 USC 266: Carrying charges Text contains those laws in effect on January 4, 1995
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter B-Computation of Taxable IncomePART IX-ITEMS NOT DEDUCTIBLE
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§266. Carrying charges

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.

(Aug. 16, 1954, ch. 736, 68A Stat. 78 ; Oct. 4, 1976, Pub. L. 94–455, title XIX, §1906(b)(13)(A), 90 Stat. 1834 .)

Amendments

1976-Pub. L. 94–455 struck out "or his delegate" after "Secretary".

Cross References

Adjustment to losses for carrying charges, see section 1016 of this title.

Capital expenditures not deductible, see section 263 of this title.

Interest paid deductible, see section 163 of this title.

Taxes deductible, see section 164 of this title.

Section Referred to in Other Sections

This section is referred to in sections 163, 1016 of this title.