§ 1.274-6. Expenditures deductible without regard to trade or business or other income producing activity.
153 words·~1 min read·
/us/cfr/t26/s§ 1.274-6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The provisions of §§ 1.274-1 through 1.274-5, inclusive, do not apply to any deduction allowable to the taxpayer without regard to its connection with the taxpayer's trade or business or other income producing activity. Examples of such items are interest, taxes such as real property taxes, and casualty losses. Thus, if a taxpayer owned a fishing camp, the taxpayer could still deduct mortgage interest and real property taxes in full even if deductions for its use are not allowable under section 274(a) and § 1.274-2.
In the case of a taxpayer which is not an individual, the provisions of this section shall be applied as if it were an individual. Thus, if a corporation sustains a casualty loss on an entertainment facility used in its trade or business, it could deduct the loss even though deductions for the use of the facility are not allowable. [T.D. 8051, 50 FR 36576, Sept. 9, 1985]
Connections1 off-index
1 reference not yet in our index
- T.D. 8051
Citation graph
cites case law
§ 1.274-6
Expenditures deductible without regard to trade or business or other income producing activity.
Treas. Dec.T.D. 8051
Cites 1Cited by 0 across 0 sources