Limitations
(1) Dollar limitation
(1)Dollar limitation#
The aggregate of the amounts paid or expenses incurred which may be taken into account under subsection (a) for all taxable years with respect to the adoption of a child by the taxpayer shall not exceed $10,000.
(2)Income limitation#
The amount excludable from gross income under subsection (a) for any taxable year shall be reduced (but not below zero) by an amount which bears the same ratio to the amount so excludable (determined without regard to this paragraph but with regard to paragraph (1)) as—
(A) the amount (if any) by which the taxpayer’s adjusted gross income exceeds $150,000, bears to
(B) $40,000.
(2)(A)#
the amount (if any) by which the taxpayer’s adjusted gross income exceeds $150,000, bears to
(2)(B)#
$40,000.
(3)Determination of adjusted gross income#
For purposes of paragraph (2), adjusted gross income shall be determined—
(A) without regard to this section and sections 85(c) 1 1 So in original. Probably should be followed by a comma. 221, 911, 931, and 933, and
(B) after the application of sections 86, 135, 219, and 469.
(3)(A)#
without regard to this section and sections 85(c) 1 1 So in original. Probably should be followed by a comma. 221, 911, 931, and 933, and
(3)(B)#
after the application of sections 86, 135, 219, and 469.