26 USC § 242 - Repealed. Pub. L. 94–455, title XIX, § 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769]
---
identifier: "/us/usc/t26/s242"
source: "usc"
legal_status: "official_prima_facie"
title: "26 USC § 242 - Repealed. Pub. L. 94–455, title XIX, § 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769]"
title_number: 26
title_name: "INTERNAL REVENUE CODE"
section_number: "242"
section_name: "Repealed. Pub. L. 94–455, title XIX, § 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769]"
chapter_number: 1
chapter_name: "NORMAL TAXES AND SURTAXES"
subchapter_number: "B"
subchapter_name: "Computation of Taxable Income"
part_number: "VIII"
part_name: "SPECIAL DEDUCTIONS FOR CORPORATIONS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
status: "repealed"
---
# [§ 242. Repealed. Pub. L. 94–455, title XIX, § 1901(a)(33), Oct. 4, 1976, 90 Stat. 1769]
Section, acts , ; , , , allowed to corporations as a deduction the amount received as interest on obligations of the United States or on obligations of corporations organized under Acts of Congress which are instrumentalities of the United States under certain conditions.
## Statutory Notes and Related Subsidiaries
### Effective Date of Repeal
Repeal effective for taxable years beginning after , see , set out as an Effective Date of 1976 Amendment note under .