Internal Revenue Code

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Internal Revenue Code

The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. [1986]) and are implemented by the Internal Revenue Service through its Treasury Regulations and Revenue Rulings.

Congress made major statutory changes to title 26 in 1939, 1954, and 1986. Because of the extensive revisions made in the tax reform act of 1986, title 26 is now known as the Internal Revenue Code of 1986 (Pub. L. No. 99-514, § 2, 100 Stat. 2095 [Oct. 22, 1986]).

Subtitle A of the Code contains five chapters on income taxes. The chapters cover normal income taxes and surtaxes, taxes on self-employment income, withholding of taxes on nonresident Aliens and foreign corporations, taxes on transfers to avoid Income Tax, and consolidated returns.

Subtitle B deals with Estate and Gift Taxes. The rules and regulations concerning the taxation of probate estates and gifts are very complicated. This subtitle contains chapters on taxing generation-skipping transfers and rules on special valuation of property.

Subtitle C contains the law of employment taxes. It consists of chapters on general provisions relating to employment taxes and other sections dealing with federal insurance contributions, railroad retirement taxes, and federal unemployment taxes.

Subtitle D covers miscellaneous excise taxes. Its fifteen chapters cover a variety of issues, including retail excise taxes, manufacturers' excise taxes, taxes on wagering, environmental taxes, public charities, private foundations, Pension plans, and certain group health plans.

Subtitle E covers alcohol, tobacco, and other excise taxes. Chapter 53 deals with machine guns, destructive devices, and certain other firearms.

Subtitle F contains provisions on procedure and administration. Under this subtitle are twenty chapters that deal with every step of the taxation process, from the setting of filing dates and the collection of penalties for late filing, to criminal offenses and judicial proceedings. The rules for administrative proceedings under the Code are addressed in the appendix to title 26.

Subtitle G addresses the organization of the Congressional Joint Committee on Taxation. Subtitle H contains the rules for the financing of presidential election campaigns. Subtitle I contains the Trust Fund Code.

The Internal Revenue Code has grown steadily since the 1930s. The complexity of its provisions, most of which are written in technical language, has required law and accounting firms to develop specialists in the various areas of taxation.

Cross-references

Election Campaign Financing.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
179D of the Internal Revenue Code of 1986) to companies when their properties achieve a 50 percent improvement in building energy performance over a specified performance level.
The IRS compiles a list of organizations eligible to receive tax-deductible charitable contributions called Publication 78, Cumulative List of Organizations described in Section 170(c) of the Internal Revenue Code of 1986 (available at irs.gov/app/pub-78).
sources; (2) Have a permanent presence in the countries in which the centers are located; and (3) Are tax-exempt nonprofit organizations described in Section 501(c)(3) of the Internal Revenue Code of 1986. Grants may be used to support: (1) Faculty and staff stipends and salaries; (2) Faculty, staff and student travel; (3) Operation and maintenance of the overseas center; (4) Teaching and research materials; (5) Acquisition, maintenance, and preservation of library collections; (6) Visiting scholars to teach or to conduct research at the center; (7) Conferences; and (8) Publication and dissemination of outreach materials.
This law amends the internal Revenue Code of 1986 to repeat the imposition of 3 percent withholding on certain payments made to vendors by government entities, as well as modifies the calculation of modified adjusted gross income for purposes of determining eligibility for certain healthcare-related programs, among other things.
We look forward to working with the management team to further enhance the company's already strong global position and reputation and to extend its reach into new products and markets." Each holder of shares of PGI common stock will receive $15.32 in cash per share promptly following today's closing, which is equal to $18.23 per share minus the previously-announced per share amount of $2.91 that will be held in an escrow to cover liabilities, costs and expenses related to the application of the "personal holding company" rules of the Internal Revenue Code of 1986, as amended, to PGI and its subsidiaries.
This bill redefines the term "Internal Revenue Code" within Florida's Corporate Income Tax Code to mean those provisions of the United States Internal Revenue Code of 1986, as amended, in effect on January 1, 2008.
Lease payments are deductible in total as business expenses under the Internal Revenue Code of 1986. Purchased equipment is deducted through depreciation, and if financed, the interest portion of the loan repayments is also deductible.
[NY-15] "Mortgage Forgiveness Debt Relief Act of 2007" To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.
West Federal Taxation; Internal Revenue code of 1986 and treasury regulations; annotated and selected, 2008 ed.
(2) Unless stated otherwise, all references to the "Code" or "section" refer to the Internal Revenue Code of 1986, as amended, and "regulation" or "reg." refers to applicable Treasury Regulations.
The Frozen Food Foundation is organized as a separate entity under Section 501(c)(3) of the Internal Revenue Code of 1986, making contributions to the Foundation tax deductible.
Summary: Amends the Internal Revenue Code of 1986 to allow a nonrefundable tax credit for adult day care expenses.

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