26 U.S. Code § 68 - Overall limitation on itemized deductions
This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.
This section shall not apply to any estate or trust.
 So in original.
2013—Subsec. (b). Pub. L. 112–240, § 101(b)(2)(A)(i), added subsec. (b) and struck out former subsec. (b). Prior to amendment, text read as follows:
“(1) In general.—For purposes of this section, the term ‘applicable amount’ means $100,000 ($50,000 in the case of a separate return by a married individual within the meaning of section 7703).
“(A) such dollar amount, multiplied by
“(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, by substituting ‘calendar year 1990’ for ‘calendar year 1992’ in subparagraph (B) thereof.”
Subsecs. (f), (g). Pub. L. 112–240, § 101(b)(2)(A)(ii), struck out subsecs. (f) and (g), which related to phaseout of limitation and termination of applicability of section, respectively.
2001—Subsecs. (f), (g). Pub. L. 107—16 added subsecs. (f) and (g).
1998—Subsec. (c)(3). Pub. L. 105–277 substituted “for casualty or theft losses described in paragraph (2) or (3) of section 165(c) or for losses described in section 165(d)” for “for losses described in subsection (c)(3) or (d) of section 165”.
1993—Subsec. (b)(2)(B). Pub. L. 103–66, § 13201(b)(3)(E), substituted “1992” for “1989”.
Subsec. (f). Pub. L. 103–66, § 13204, struck out heading and text of subsec. (f). Text read as follows: “This section shall not apply to any taxable year beginning after December 31, 1995.”
Amendment by section 13201(b)(3)(E) of Pub. L. 103–66 applicable to taxable years beginning after Dec. 31, 1992, see section 13201(c) of Pub. L. 103–66, set out as a note under section 1 of this title.
Written determinations for this section
These documents, sometimes referred to as "Private Letter Rulings", are taken from the IRS Written Determinations page; the IRS also publishes a fuller explanation of what they are and what they mean. The collection is updated (at our end) daily. It appears that the IRS updates their listing every Friday.
Note that the IRS often titles documents in a very plain-vanilla, duplicative way. Do not assume that identically-titled documents are the same, or that a later document supersedes another with the same title. That is unlikely to be the case.
Release dates appear exactly as we get them from the IRS. Some are clearly wrong, but we have made no attempt to correct them, as we have no way guess correctly in all cases, and do not wish to add to the confusion.
We truncate results at 20000 items. After that, you're on your own.
- REDEMPTION : 2001-10-19
LII has no control over and does not endorse any external Internet site that contains links to or references LII.