WebFrom Title 26-INTERNAL REVENUE CODE Subtitle A-Income Taxes CHAPTER 1-NORMAL TAXES AND SURTAXES Subchapter B-Computation of Taxable Income PART IX-ITEMS NOT DEDUCTIBLE. ... 266. Carrying charges. 267. Losses, expenses, and interest with respect to transactions between related taxpayers. WebSection 266 provides that no deduction shall be allowed for amounts paid or accrued for such taxes and carrying charges as, under regulations prescribed by the Secretary, are …

26 CFR 1.266-1 - Taxes and carrying charges chargeable to capital ...

Web26 USC 266: Carrying charges Text contains those laws in effect on January 7, 2011. ... §266. Carrying charges. No deduction shall be allowed for amounts paid or accrued for … Web§ 1.266-1 Taxes and carrying charges chargeable to capital account and treated as capital items. ( a) ( 1) In general. In accordance with section 266, items enumerated in paragraph … simson sr1 tachoantrieb

26 USC 266: Carrying charges - uscode.house.gov

Web§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. WebSection 266 provides that a taxpayer may elect, as provided in regulations, to charge to a capital account (either as a component of original cost or other basis under Section 1012 or as an adjustment to basis under Section 1016 (a) (1)) otherwise deductible amounts paid or accrued for taxes and carrying charges relating to property. WebCarrying Charges: IRC section 266 and Regulations section 1.266-1(b)(1), election to capitalize interest, taxes and other carrying charges incurred during the tax year. Note: Use Screen Elect in the Elections folder to enter the description, date paid or incurred, and amount of the expenses for this election. simsons on their couch