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—
I.R.C. § 212(2)
for the management, conservation, or maintenance of property held for the production
of income; or
I.R.C. § 212(3)
in connection with the determination, collection, or refund of any tax.
(Aug. 16, 1954, ch. 736, 68A Stat. 69.)
DENIAL OF DEDUCTION FOR AMOUNTS PAID OR INCURRED ON JUDGMENTS IN SUITS BROUGHT TO
RECOVER PRICE INCREASES IN PURCHASE OF NEW PRINCIPAL RESIDENCE
No 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
of Pub. L. 94-12, see section 208(c) of Pub. L. 94-12, set out as a note under section 44 of this title.