Sec+262+Personal+Living+and+Family+Expenses

-CITE- 26 USC Sec. 262 01/07/2011

-EXPCITE- TITLE 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter B - Computation of Taxable Income PART IX - ITEMS NOT DEDUCTIBLE

-HEAD- Sec. 262. Personal, living, and family expenses

-STATUTE- (a) General rule Except as otherwise expressly provided in this chapter, no deduction shall be allowed for personal, living, or family expenses. (b) Treatment of certain phone expenses For purposes of subsection (a), in the case of an individual, any charge (including taxes thereon) for basic local telephone service with respect to the 1st telephone line provided to any residence of the taxpayer shall be treated as a personal expense.

-SOURCE- (Aug. 16, 1954, ch. 736, 68A Stat. 76; Pub. L. 100-647, title V, Sec. 5073(a), Nov. 10, 1988, 102 Stat. 3682.)

-MISC1- AMENDMENTS 1988 - Pub. L. 100-647 amended section generally. Prior to amendment, section read as follows: "Except as otherwise expressly provided in this chapter, no deduction shall be allowed for personal, living, or family expenses."

EFFECTIVE DATE OF 1988 AMENDMENT Section 5073(b) of Pub. L. 100-647 provided that: "The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1988."

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