26 U.S.C. § 266
Section 266 · Carrying charges
Amended 2 times on record
Applied in 13 court decisions — leading case Commissioner of Internal Revenue v. Idaho Power Company (1974)
Most recently applied in Aboussie v. United States (December 1985)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
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.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
1976—Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Cross References
Adjustment to losses for carrying charges, see section 1016 of this title.
Capital expenditures not deductible, see section 263 of this title.
Interest paid deductible, see section 163 of this title.
Taxes deductible, see section 164 of this title.