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.

References in periodicals archive ?
The National Taxpayer Union notes, "Undergirding the complex Tax Code are the 22 volumes of Title 26 of the Code of Federal Regulations.
These factors make Title 26 a unique case, but further analysis is beyond the scope of this Comment.
On "Hoes Mad," he unrelentingly repeats the song's title 26 times before beginning the first verse.
Nothing in this Act or in section 9509 of title 26 shall in any way affect, or be construed to affect, the authority of any State
All the titles were passed without discussion at except for title 26 related to the budget of the Truth and Dignity Commission.
Code references are to the Internal Revenue Code of 1984 as set forth in Title 26 of the United States Code).
The book provides eight sections on the Internal Revenue Code, Treasury and Internal Revenue Service regulations, the Constitution, US code other than Title 26, rules of practices and procedures of the US Tax Court, rules of the US Court of Federal Claims, federal rules of procedures and evidence, miscellaneous materials.
Second, the IRS's interpretation would displace other "statutes scattered across Title 26 of the U.
In addition, all of the Title 26 provisions pertaining to powers of attorney, including the Uniform Power of Attorney Act, have been moved into the new Subtitle IV of Title 64.
It was also the second soccer club from Anatolian part of Turkey which became champions of the Turkcell Super League after Trabzonspor won the title 26 years ago.
To be fair, when we won the title 26 years ago Rangers were struggling to emerge from a slump that only ended three years later when Graeme Souness became manager.