Sec. 3203. Small business exception from limitation on deduction of business interest
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/bill/115/hr/1/rh/section-3203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 163(j)(2), as amended by section 3301, is amended to read as follows: In the case of any taxpayer (other than a tax shelter prohibited from using the cash receipts and disbursements method of accounting under section 448(a)(3)) which meets the gross receipts test of section 448(c) for any taxable year, paragraph
(1)shall not apply to such taxpayer for such taxable year. In the case of any taxpayer which is not a corporation or a partnership, the gross receipts test of section 448(c) shall be applied in the same manner as if such taxpayer were a corporation or partnership. . The amendment made by this section shall apply to taxable years beginning after December 31, 2017.