30123

In the case of a taxpayer other than an individual, all interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations the interest upon which is wholly exempt from the taxes imposed by this part to which § 30137(a)(10) of this title refers and the proportional designation of interest expense of financial institutions to which § 30137(f) of this title refers. History —Jan. 31, 2011, No. 1, § 1033.03, retroactive to Jan. 1, 2011.