net exempt income
Defined in 1 place of the United States Code.
The term “net exempt income” means—
(i) any tax-exempt interest received or accrued during the taxable year, reduced by any amount (not otherwise deductible) which would have been allowable as a deduction for the taxable year if such interest were not tax-exempt, and
(ii) the aggregate amount allowed as a deduction for the taxable year under sections 243, 244, and 245.
Source
- 201326 U.S.C. § 833Internal Revenue Code · Treatment of Blue Cross and Blue Shield organizations, etc. · in this section
The term "net exempt income" means—
(i) any tax-exempt interest received or accrued during the taxable year, reduced by any amount (not otherwise deductible) which would have been allowable as a deduction for the taxable year if such interest were not tax-exempt, and
(ii) the aggregate amount allowed as a deduction for the taxable year under sections 243, 244, and 245.
The amount determined under clause (ii) shall be reduced by the amount of any decrease in deductions allowable for the taxable year by reason of section 832(b)(5)(B) to the extent such decrease is attributable to deductions under sections 243, 244, and 245.
Source
- 1994–201426 U.S.C. § 833Internal Revenue Code · Treatment of Blue Cross and Blue Shield organizations, etc. · in this section
The term “net exempt income” means—
(i) any tax-exempt interest received or accrued during the taxable year, reduced by any amount (not otherwise deductible) which would have been allowable as a deduction for the taxable year if such interest were not tax-exempt, and
(ii) the aggregate amount allowed as a deduction for the taxable year under sections 243 and 245.
Source
- 2014–present26 U.S.C. § 833Internal Revenue Code · Treatment of Blue Cross and Blue Shield organizations, etc. · in this section
The term "net exempt income" means—
(i) any tax-exempt interest received or accrued during the taxable year, reduced by any amount (not otherwise deductible) which would have been allowable as a deduction for the taxable year if such interest were not tax-exempt, and
(ii) the aggregate amount allowed as a deduction for the taxable year under sections 243 and 245.
The amount determined under clause (ii) shall be reduced by the amount of any decrease in deductions allowable for the taxable year by reason of section 832(b)(5)(B) to the extent such decrease is attributable to deductions under sections 243 and 245.
Source
- 2014–201526 U.S.C. § 833Internal Revenue Code · Treatment of Blue Cross and Blue Shield organizations, etc. · in this section