§68. Overall limitation on itemized deductions — Inbound Citations
26 U.S.C. § 68
Cited by 6 provisions in release 119-102.
Citations to 26 U.S.C. § 68 as a whole
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(A) If any increase determined under paragraph (2)(A), section 63(c)(4), section 68(b)(2)1 or section 151(d)(4) is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50.
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(E) Section 68 shall not apply.
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(1) Except as otherwise provided in subsection (g)(2)(B), taxable income shall be computed without regard to section 68 and without regard to any deduction allowable under this section.
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(B) The deduction allowed to any taxpayer under this paragraph shall not exceed the taxable income of the taxpayer determined without regard to section 68 or the deduction allowed under this paragraph and after taking into account any deduction allowed to the taxpayer under subsection (a) for the taxable year.
Citations to §68(b)
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(B) For purposes of subparagraph (A), the term “applicable percentage” means 2 percentage points for each $2,500 (or fraction thereof) by which the taxpayer’s adjusted gross income for the taxable year exceeds the applicable amount in effect under section 68(b).1 In the case of a married individual filing a separate return, the preceding sentence shall be applied by substituting “$1,250” for “$2,500”. In no event shall the applicable percentage exceed 100 percent.
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(III) need only be determined with respect to adjusted gross incomes up to the applicable amount (as determined under section 68(b)1).