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26 U.S.C. § 67 — 2-percent floor on miscellaneous itemized deductions
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of such deductions exceeds 2 percent of adjusted gross income.
**(b) Miscellaneous itemized deductions** For purposes of this section, the term “miscellaneous itemized deductions” means the itemized deductions other than—
(1) the deduction under section 163 (relating to interest),
(2) the deduction under section 164 (relating to taxes),
(3) the deduction under section 165(a) for casualty or theft losses described in paragraph (2) or (3) of section 165(c) or for losses described in section 165(d),
(4) the deductions under section 170 (relating to charitable, etc., contributions and gifts) and section 642(c) (relating to deduction for amounts paid or permanently set aside for a charitable purpose),
(5) the deduction under section 213 (relating to medical, dental, etc., expenses),
(6) any deduction allowable for impairment-related work expenses,
(7) the deduction under section 691(c) (relating to deduction for estate tax in case of income in respect of the decedent),
(8) any deduction allowable in connection with personal property used in a short sale,
(9) the deduction under section 1341 (relating to computation of tax where taxpayer restores substantial amount held under claim of right),
(10) the deduction under section 72(b)(3) (relating to deduction where annuity payments cease before investment recovered),
(11) the deduction under section 171 (relating to deduction for amortizable bond premium),
(12) the deduction under section 216 (relating to deductions in connection with cooperative housing corporations), and
(13) the deductions allowed by section 162 for educator expenses (as defined in s
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Source file: Laws/federal/codes/united-states-code/title-26/section-67-2-percent-floor-on-miscellaneous-itemized-deductions--af2e9d19bc.md
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Source location: Title 26, Chapter 1, § 67; chapter-001-normal-taxes-and-surtaxes.md
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**(a) General rule** In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of such deductions exceeds 2 percent of adjusted gross income.
**(b) Miscellaneous itemized deductions** For purposes of this section, the term “miscellaneous itemized deductions” means the itemized deductions other than—
(1) the deduction under section 163 (relating to interest),
(2) the deduction under section 164 (relating to taxes),
(3) the deduction under section 165(a) for casualty or theft losses described in paragraph (2) or (3) of section 165(c) or for losses described in section 165(d),
(4) the deductions under section 170 (relating to charitable, etc., contributions and gifts) and section 642(c) (relating to deduction for amounts paid or permanently set aside for a charitable purpose),
(5) the deduction under section 213 (relating to medical, dental, etc., expenses),
(6) any deduction allowable for impairment-related work expenses,
(7) the deduction under section 691(c) (relating to deduction for estate tax in case of income in respect of the decedent),
(8) any deduction allowable in connection with personal property used in a short sale,
(9) the deduction under section 1341 (relating to computation of tax where taxpayer restores substantial amount held under claim of right),
(10) the deduction under section 72(b)(3) (relating to deduction where annuity payments cease before investment recovered),
(11) the deduction under section 171 (relating to deduction for amortizable bond premium),
(12) the deduction under section 216 (relating to deductions in connection with cooperative housing corporations), and
(13) the deductions allowed by section 162 for educator expenses (as defined in subsection (g)).
**(c) Disallowance of indirect deduction through pass-thru entity**
(1) **In general** — The Secretary shall prescribe regulations which prohibit the indirect deduction through pass-thru entities of amounts which are not allowable as a deduction if paid or incurred directly by an individual and which contain such reporting requirements as may be necessary to carry out the purposes of this subsection.
(2) **Treatment of publicly offered regulated investment companies**
(A) *In general* — Paragraph (1) shall not apply with respect to any publicly offered regulated investment company.
(B) *Publicly offered regulated investment companies* — For purposes of this subsection—
(i) *In general* — The term “publicly offered regulated investment company” means a regulated investment company the shares of which are—
(I) continuously offered pursuant to a public offering (within the meaning of section 4 of the Securities Act of 1933, as amended ([15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) to 77aa)),
(II) regularly traded on an established securities market, or
(III) held by or for no fewer than 500 persons at all times during the taxable year.
(ii) *Secretary may reduce 500 person requirement* — The Secretary may by regulation decrease the minimum shareholder requirement of clause (i)(III) in the case of regulated investment companies which experience a loss of shareholders through net redemptions of their shares.
(3) **Treatment of certain other entities** — Paragraph (1) shall not apply—
(A) with respect to cooperatives and real estate investment trusts, and
(B) except as provided in regulations, with respect to estates and trusts.
**(d) Impairment-related work expenses** For purposes of this section, the term “impairment-related work expenses” means expenses—
(1) of a handicapped individual (as defined in section 190(b)(3)) for attendant care services at the individual’s place of employment and other expenses in connection with such place of employment which are necessary for such individual to be able to work, and
(2) with respect to which a deduction is allowable under section 162 (determined without regard to this section).
**(e) Determination of adjusted gross income in case of estates and trusts** For purposes of this section, the adjusted gross income of an estate or trust shall be computed in the same manner as in the case of an individual, except that—
(1) the deductions for costs which are paid or incurred in connection with the administration of the estate or trust and which would not have been incurred if the property were not held in such trust or estate, and
(2) the deductions allowable under sections 642(b), 651, and 661,
shall be treated as allowable in arriving at adjusted gross income. Under regulations, appropriate adjustments shall be made in the application of part I of subchapter J of this chapter to take into account the provisions of this section.
**(f) Coordination with other limitation** This section shall be applied before the application of the dollar limitation of the second sentence of section 162(a) (relating to trade or business expenses).
**(g) Educator expenses** For purposes of subsection (b)(13), the term “educator expenses” means expenses of a type which would be described in section 62(a)(2)(D) if—
(1) such section were applied—
(A) without regard to the dollar limitation,
(B) without regard to “(other than nonathletic supplies for courses of instruction in health or physical education)” in clause (ii) thereof, and
(C) by substituting “as part of instructional activity” for “in the classroom” in clause (ii) thereof, and
(2) section 62(d)(1)(A) were applied by inserting “, interscholastic sports administrator or coach,” after “counselor”
**(h) Suspension for taxable years beginning after 2017** Notwithstanding subsection (a), no miscellaneous itemized deduction shall be allowed for any taxable year beginning after December 31, 2017.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this subtitle, the term “adjusted gross income” means, in the case of an individual, gross income minus the following deductions:
(1) **Trade and business deductions** — The deductions allowed by this chapter (other than by part VII of this subchapter) which are attributable to a trade or business carried on by the taxpayer, if such trade or business does not consist of the performance of services by the taxpayer as an employee.
(2) **Certain trade and business deductions of employees**
(A) *Reimbursed expenses of employees* — The deductions allowed by part VI (section 161 and following) which consist of expenses paid or incurred by the taxpayer, in connection with the performance by him of services as an employee, under a reimbursement or other expense allowance arrangement with his employer. The fact that the reimbursement may be provided by a third party shall not be determinative of whether or not the preceding sentence applies.
(B) *Certain expenses of performing artists* — The deductions allowed by section 162 which consist of expenses paid or incurred by a qualified performing artist in connection with the performances by him of services in the performing arts as an employee.
(C) *Certain expenses of officials* — The deductions allowed by section 162 which consist of expenses paid or incurred with respect to services performed by an official as an employee of a State or a political subdivision thereof in a position compensated in whole or in part on a fee basis.
(D) *Certain expenses of elementary and secondary school teachers* — The deductions allowed by section 162 which consist of expenses, not in excess of $250, paid or incurred by an eligible educator—
(i) by reason of the participation of the educator
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 62
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Securities Act of 1933”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The provisions of [section 77e of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77e&num=0&edition=prelim) shall not apply to—
(1) transactions by any person other than an issuer, underwriter, or dealer.
(2) transactions by an issuer not involving any public offering.
(3) transactions by a dealer (including an underwriter no longer acting as an underwriter in respect of the security involved in such transaction), except—
(A) transactions taking place prior to the expiration of forty days after the first date upon which the security was bona fide offered to the public by the issuer or by or through an underwriter,
(B) transactions in a security as to which a registration statement has been filed taking place prior to the expiration of forty days after the effective date of such registration statement or prior to the expiration of forty days after the first date upon which the security was bona fide offered to the public by the issuer or by or through an underwriter after such effective date, whichever is later (excluding in the computation of such forty days any time during which a stop order issued under [section 77h of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77h&num=0&edition=prelim) is in effect as to the security), or such shorter period as the Commission may specify by rules and regulations or order, and
(C) transactions as to securities constituting the whole or a part of an unsold allotment to or subscription by such dealer as a participant in the distribution of such securities by the issuer or by or through an underwriter.
With respect to transactions referred to in clause (B), if securities of the issuer have not previously been sold pursuan
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77d
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Federal law — U.S. Code and appendices · legal_authorities
Page 119
TITLE 15—COMMERCE AND TRADE
§ 77b
7025, set out as a note under section 301 of Title 3, The
President.
CHAPTER 2A—SECURITIES AND TRUST
INDENTURES
SUBCHAPTER I—DOMESTIC SECURITIES
Sec.
77a.
Short title.
77b.
Definitions; promotion of efficiency, competi-
tion, and capital formation.
77b–1.
Swap agreements.
77c.
Classes of securities under this subchapter.
77d.
Exempted transactions.
77d–1.
Requirements with respect to certain small
transactions.
77e.
Prohibitions relating to interstate commerce
and the mails.
77f.
Registration of securities.
77g.
Information required in registration state-
ment.
77h.
Taking effect of registration statements and
amendments thereto.
77h–1.
Cease-and-desist proceedings.
77i.
Court review of orders.
77j.
Information required in prospectus.
77k.
Civil liabilities on account of false registra-
tion statement.
77l.
Civil liabilities arising in connection with
prospectuses and communications.
77m.
Limitation of actions.
77n.
Contrary stipulations void.
77o.
Liability of controlling persons.
77p.
Additional remedies; limitation on remedies.
77q.
Fraudulent interstate transactions.
77r.
Exemption from State regulation of securi-
ties offerings.
77r–1.
Preemption of State law.
77s.
Special powers of Commission.
77t.
Injunctions and prosecution of offenses.
77u.
Hearings by Commission.
77v.
Jurisdiction of offenses and suits.
77w.
Unlawful representations.
77x.
Penalties.
77y.
Jurisdiction of other Government agencies
over securities.
77z.
Separability.
77z–1.
Private securities litigation.
77z–2.
Application of safe harbor for forward-look-
ing statements.
77z–2a.
Conflicts of interest relating to certain
securitizations.
77z–3.
General exemptive authority.
77z
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77a
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Federal law — U.S. Code and appendices · legal_authorities
Page 459
TITLE 26—INTERNAL REVENUE CODE
§ 67
section [enacting this section] shall apply to calendar
years beginning after December 31, 1980.’’
§ 67. 2-percent floor on miscellaneous itemized
deductions
(a) General rule
In the case of an individual, the miscellaneous
itemized deductions for any taxable year shall
be allowed only to the extent that the aggregate
of such deductions exceeds 2 percent of adjusted
gross income.
(b) Miscellaneous itemized deductions
For purposes of this section, the term ‘‘mis-
cellaneous itemized deductions’’ means the
itemized deductions other than—
(1) the deduction under section 163 (relating
to interest),
(2) the deduction under section 164 (relating
to taxes),
(3) the deduction under section 165(a) for cas-
ualty or theft losses described in paragraph (2)
or (3) of section 165(c) or for losses described in
section 165(d),
(4) the deductions under section 170 (relating
to charitable, etc., contributions and gifts)
and section 642(c) (relating to deduction for
amounts paid or permanently set aside for a
charitable purpose),
(5) the deduction under section 213 (relating
to medical, dental, etc., expenses),
(6) any deduction allowable for impairment-
related work expenses,
(7) the deduction under section 691(c) (relat-
ing to deduction for estate tax in case of in-
come in respect of the decedent),
(8) any deduction allowable in connection
with personal property used in a short sale,
(9) the deduction under section 1341 (relating
to computation of tax where taxpayer restores
substantial amount held under claim of right),
(10) the deduction under section 72(b)(3) (re-
lating to deduction where annuity payments
cease before investment recovered),
(11) the deduction under section 171 (relating
to deduction fo
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 67
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.