Expenses For The Production of Income
Section 121 of the Revenue Act of 1942 enacted section 23(a)(2) of the Internal Revenue Code of 1939. That provision, effective retroactively for tax years that began after December 31, 1938, allowed a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities (activities for the production of income), even if such activities are not conducted in connection with a trade or business. The current version of section 23(a)(2) in section 212 of the Internal Revenue Code of 1986.
Read more about this topic: Revenue Act Of 1942
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