Deductibility limits for property income: prohibition with a narrow allowance and a cap tied to the property's annual value. The amendment replaces the prior sub-section to disallow deductions for specified categories of property while permitting a narrowly defined specific ... Summary
Deductibility limits for property income: prohibition with a narrow allowance and a cap tied to the property's annual value.
The amendment replaces the prior sub-section to disallow deductions for specified categories of property while permitting a narrowly defined specific allowance for the first category; it also caps total deductions for the second category so that deductible amounts cannot exceed the annual value of the property as determined under the governing provision.
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