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26 U.S.C. § 242 — Repealed. Pub. L. 94–455, title XIX, § 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769]
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
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.
#### 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section2&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-26/section-242-repealed-pub-l-94455-title-xix-1901-a-33-oct-4-1976-90-stat-1769--e76166cdb5.md
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Source location: Title 26, Chapter 1, § 242; chapter-001-normal-taxes-and-surtaxes.md
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### Statutory Notes
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.
#### 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section2&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definition of surviving spouse**
(1) **In general** — For purposes of section 1, the term “surviving spouse” means a taxpayer—
(A) whose spouse died during either of his two taxable years immediately preceding the taxable year, and
(B) who maintains as his home a household which constitutes for the taxable year the principal place of abode (as a member of such household) of a dependent (i) who (within the meaning of section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) is a son, stepson, daughter, or stepdaughter of the taxpayer, and (ii) with respect to whom the taxpayer is entitled to a deduction for the taxable year under section 151.
(2) **Limitations** — Notwithstanding paragraph (1), for purposes of section 1 a taxpayer shall not be considered to be a surviving spouse—
(A) if the taxpayer has remarried at any time before the close of the taxable year, or
(B) unless, for the taxpayer’s taxable year during which his spouse died, a joint return could have been made under the provisions of section 6013 (without regard to subsection (a)(3) thereof).
(3) **Special rule where deceased spouse was in missing status** — If an individual was in a missing status (within the meaning of section 6013(f)(3)) as a result of service in a combat zone (as determined for purposes of section 112) and if such individual remains in such status until the date referred to in subparagraph (A) or (B), then, for purposes of paragraph (1)(A), the date on which such individual died shall be treated as the earlier of the date determined under subparagraph (A) or the date determined under subparagraph (B):
(A) the date on which the determination is made under [section 556 of title 37](https://uscode.house.gov/view.xhtml?req=granuleid:
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of an individual, a loss on section 1244 stock issued to such individual or to a partnership which would (but for this section) be treated as a loss from the sale or exchange of a capital asset shall, to the extent provided in this section, be treated as an ordinary loss.
**(b) Maximum amount for any taxable year** For any taxable year the aggregate amount treated by the taxpayer by reason of this section as an ordinary loss shall not exceed—
(1) $50,000, or
(2) $100,000, in the case of a husband and wife filing a joint return for such year under section 6013.
**(c) Section 1244 stock defined**
(1) **In general** — For purposes of this section, the term “section 1244 stock” means stock in a domestic corporation if—
(A) at the time such stock is issued, such corporation was a small business corporation,
(B) such stock was issued by such corporation for money or other property (other than stock and securities), and
(C) such corporation, during the period of its 5 most recent taxable years ending before the date the loss on such stock was sustained, derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interests, annuities, and sales or exchanges of stocks or securities.
(2) **Rules for application of paragraph (1)(C)**
(A) *Period taken into account with respect to new corporations* — For purposes of paragraph (1)(C), if the corporation has not been in existence for 5 taxable years ending before the date the loss on the stock was sustained, there shall be substituted for such 5-year period—
(i) the period of the corporation’s taxable years ending before such date, or
(ii) if the corporation has not been in existence for 1 taxable year ending before such
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1244
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Federal law — U.S. Code and appendices · legal_authorities
Page 977
TITLE 26—INTERNAL REVENUE CODE
§ 243
250.
Foreign-derived intangible income and global
intangible low-taxed income.
Editorial Notes
AMENDMENTS
2017—Pub. L. 115–97, title I, §§ 13821(b)(2), 14101(e)(3),
14202(b)(4), Dec. 22, 2017, 131 Stat. 2181, 2192, 2216, added
items 245A, 247, and 250.
2014—Pub. L. 113–295, div. A, title II, § 221(a)(41)(A),
Dec. 19, 2014, 128 Stat. 4043, struck out item 244 ‘‘Divi-
dends received on certain preferred stock’’ and item 247
‘‘Dividends paid on certain preferred stock of public
utilities’’.
1990—Pub. L. 101–508, title XI, § 11801(b)(4), Nov. 5,
1990, 104 Stat. 1388–522, struck out item 250 ‘‘Certain
payments to the National Railroad Passenger Corpora-
tion’’.
1984—Pub. L. 98–369, div. A, title I, § 51(b), July 18,
1984, 98 Stat. 564, added item 246A.
1976—Pub. L. 94–455, title XIX, § 1901(b)(1)(AA), Oct. 4,
1976, 90 Stat. 1792, struck out item 242 ‘‘Partially tax-
exempt interest’’.
1970—Pub. L. 91–518, title IX, § 901(b), Oct. 30, 1970, 84
Stat. 1342, added item 250.
1969—Pub. L. 91–172, title IV, § 414(b), Dec. 30, 1969, 83
Stat. 613, added item 249.
§ 241. Allowance of special deductions
In addition to the deductions provided in part
VI (sec. 161 and following), there shall be al-
lowed as deductions in computing taxable in-
come the items specified in this part.
(Aug. 16, 1954, ch. 736, 68A Stat. 72.)
[§ 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, al-
lowed to corporations as a deduction the amount re-
ceived as interest on obligations of the United States
or on obligations of corporations organized under Acts
of Congress which are instrum
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 242
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