§ 266.
Carrying charges
No deduction shall be allowed for amounts paid or accrued for such taxes and carrying charges as, under regulations prescribed by the Secretary, are chargeable to capital account with respect to property, if the taxpayer elects, in accordance with such regulations, to treat such taxes or charges as so chargeable.
Source
(Aug. 16, 1954, ch. 736, 68A Stat. 78; Pub. L. 94–455, title XIX, § 1906(b)(13)(A),Oct. 4, 1976
, 90 Stat. 1834.)Notes
Amendments
1976—Pub. L. 94–455 struck out “or his delegate” after “Secretary”.