2018 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter B - Computation of Taxable Income
Part VIII - Special Deductions for Corporations
Sec. 242 - Repealed. Pub. L. 94-455, title XIX, §1901(a)(33), Oct. 4, 1976, 90 Stat. 1769

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Citation 26 U.S.C. § 242 (2018)
Section Name [§242. Repealed. Pub. L. 94–455, title XIX, §1901(a)(33), Oct. 4, 1976, 90 Stat. 1769]
Repeal Summary

Section, acts Aug. 16, 1954, ch. 736, 68A Stat. 72; Feb. 26, 1964, Pub. L. 88–272, title I, §123(c), 78 Stat. 30, allowed to corporations as a deduction the amount received as interest on obligations of the United States or on obligations of corporations organized under Acts of Congress which are instrumentalities of the United States under certain conditions.

Editorial Notes EFFECTIVE DATE OF REPEAL

Repeal effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as an Effective Date of 1976 Amendment note under section 2 of this title.

Publication Title United States Code, 2018 Edition, Title 26 - INTERNAL REVENUE CODE
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter B - Computation of Taxable Income
PART VIII - SPECIAL DEDUCTIONS FOR CORPORATIONS
Sec. 242 - Repealed. Pub. L. 94-455, title XIX, §1901(a)(33), Oct. 4, 1976, 90 Stat. 1769
Contains section 242
Date 2018
Laws In Effect As Of Date January 14, 2019
Positive Law No
Disposition repealed
Statutes at Large References 78 Stat. 30
90 Stat. 1769
Public Law References Public Law 88-272, Public Law 94-455
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