(a) In general In the case of an individual, the amount of the itemized deductions otherwise allowable for the taxable year (determined without regard to this section) shall be reduced by 2 ⁄37 of the lesser of—
(1) such amount of itemized deductions, or
(2) so much of the taxable income of the taxpayer for the taxable year (determined without regard to this section and increased by such amount of itemized deductions) as exceeds the dollar amount at which the 37 percent rate bracket under section 1 begins with respect to the taxpayer.
(b) Coordination with other limitations This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.
Cited in 69 Tax Court opinions, 4 orders, and 4 briefs.
Current through Pub. L. 119-102 (2026-07-12).
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