26 USC 242: Repealed. Pub. L. 94-455, title XIX, §1901(a)(33), Oct. 4, 1976, 90 Stat. 1769
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26 USC 242: Repealed. Pub. L. 94-455, title XIX, §1901(a)(33), Oct. 4, 1976, 90 Stat. 1769 Text contains those laws in effect on June 30, 2024
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter B-Computation of Taxable IncomePART VIII-SPECIAL DEDUCTIONS FOR CORPORATIONS
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[§242. Repealed. Pub. L. 94–455, title XIX, §1901(a)(33), Oct. 4, 1976, 90 Stat. 1769 ]

Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 72 ; Feb. 26, 1964, Pub. L. 88–272, title I, §123(c), 78 Stat. 30 , allowed to corporations as a deduction the amount received as interest on obligations of the United States or on obligations of corporations organized under Acts of Congress which are instrumentalities of the United States under certain conditions.


Statutory Notes and Related Subsidiaries

Effective Date of Repeal

Repeal effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as an Effective Date of 1976 Amendment note under section 2 of this title.