PocketLaw | USC 26 | ITEMS NOT DEDUCTIBLE

ITEMS NOT DEDUCTIBLE

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General rule for disallowance of deductions

Personal, living, and family expenses

Capital expenditures

Capitalization and inclusion in inventory costs of certain expenses

Certain amounts paid in connection with insurance contracts

Expenses and interest relating to tax-exempt income

Carrying charges

Losses, expenses, and interest with respect to transactions between related taxpayers

Certain related party amounts paid or accrued in hybrid transactions or with hybrid entities

Sale of land with unharvested crop

Acquisitions made to evade or avoid income tax

Personal service corporations formed or availed of to avoid or evade income tax

Stapled entities

Debts owed by political parties, etc.

Disposal of coal or domestic iron ore

Holders of life or terminable interest

Disallowance of certain entertainment, etc., expenses

Certain taxes

Certain indirect contributions to political parties

Deductions incurred by certain membership organizations in transactions with members

Interest on indebtedness incurred by corporation to acquire stock or assets of another corporation

Disallowance of certain expenses in connection with business use of home, rental of vacation homes, etc.

Demolition of structures

Certain expenses for which credits are allowable

Expenditures in connection with the illegal sale of drugs

Limitation on depreciation for luxury automobiles; limitation where certain property used for personal purposes

Golden parachute payments

Limitation on certain amounts paid to employee-owners by personal service corporations electing alternative taxable years