net exempt income

(E)The term “net exempt income” means— (i)any tax-exempt interest received or accrued during the taxable year, reduced by any amount (not otherwise deductible) which would have been allowable as a deduction for the taxable year if such interest were not tax-exempt, and (ii)the aggregate amount allowed as a deduction for the taxable year under sections 243 and 245.

Source

26 USC § 833(b)(3)(E)


Scoping language

None: Default is title Scope
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