In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year—
for the production or collection of income;
for the management, conservation, or maintenance of property held for the production of income; or
in connection with the determination, collection, or refund of any tax.
Aug. 16, 1954, ch. 73668A Stat. 69(, .)
Statutory Notes and Related Subsidiaries
Denial of Deduction for Amounts Paid or Incurred on Judgments in Suits Brought To Recover Price Increases in Purchase of New Principal Residence
section 208(b) of Pub. L. 94–12section 208(c) of Pub. L. 94–12section 44 of this titleNo deductions to be allowed in computing taxable income for two-thirds of any amount paid or incurred on a judgment entered against any person in a suit brought under , see , set out as a note under .