§ 68. Overall limitation on itemized deductions
(a)
General rule
In the case of an individual whose adjusted gross income exceeds the applicable amount, the amount of the itemized deductions otherwise allowable for the taxable year shall be reduced by the lesser of—
(b)
Applicable amount
(1)
In general
For purposes of this section, the term “applicable amount” means $100,000 ($50,000 in the case of a separate return by a married individual within the meaning of section
7703).
(c)
Exception for certain itemized deductions
For purposes of this section, the term “itemized deductions” does not include—
(d)
Coordination with other limitations
This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.
(f)
Phaseout of limitation