Overseas Housing Expense

Overseas Housing Expense means:
an expense that is excludable in an amount equal to the excess of the reasonable cost of providing housing for a U.S. taxpayer and family living overseas over an amount equal to 16% of the salary of a federal employee at grade level GS-14, step 1, multiplied by the number of days within the applicable period, divided by the number of days in the tax year. Former IRC (check if this IRC provision is current here) §911(c)(1).