Internal Revenue Code


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Internal Revenue Code

The various statutes and regulations making up federal tax law.

Internal Revenue Code

The unified law of taxation in the United States. It outlines how individuals and corporations are taxed as well as which deductions and credits are allowed, and how they are to be applied. The Code also covers estate taxes, gift taxes, and payroll taxes. The current version of the Internal Revenue Code was introduced in 1986, though it has been amended since. Critics of the code contend that it is needlessly complicated.

Internal Revenue Code

The tax law of the United States.
References in periodicals archive ?
The bill seeks to amend the National Internal Revenue Code by imposing a unitary tax rate of six percent of the value of the net estate.
The Reorganization Plan's [section] 102 transfers to the Secretary of Labor the Secretary of the Treasury's authority to interpret Internal Revenue Code [section] 4975, with some exceptions (none of which constrains what the investment-advice fiduciary rule does).
The Internal Revenue Code was amended in 1996 to provide that emotional distress is not treated as a physical injury or physical sickness for purposes of section 104; as a result all damages other than those for physical injury fall within the general inclusion rule of section 61.
The Internal Revenue Code applies a liberal standard to what constitutes like-kind property when dealing with real estate.
In 2004, Senator Charles Grassley, Chairman of the Senate Finance Committee, who was a key sponsor of the 1986 False Claims Act Amendments, proposed revisions to section 7623 of the internal Revenue Code that would have created a whistleblower framework similar in key respects to the False Claims Act.
Summary: Amends the Internal Revenue Code of 1986 to allow a deduction from gross income for adult day and respite care expenses of individual taxpayers with respect to a dependent of the taxpayer who suffers from Alzheimer's disease or related organic brain disorders.
On the third point, the Internal Revenue Code prohibits anyone involved in the preparation of tax returns from knowingly or recklessly disclosing or using the tax-related information provided other than in connection with the preparation of such returns.
For more detailed information, check the full version of the Internal Revenue Code.
Wrote Lynn in his letter to the IRS, "This statement indicates that Hake is aware of the provisions in the Internal Revenue Code that bar houses of worship from endorsing or opposing candidates for public office but chose to ignore them.
The positive aspect to President Clinton's veto of the recent tax bill is that thousands more words won't be added to the Internal Revenue Code and its regulations.
The proposed ruling is helpful to understand whether a recruitment initiative will cause a hospital that is exempt from taxation pursuant to section 501(c)(3) of the Internal Revenue Code to violate the organizational and operational requirements necessary for continued tax exemption.
Even more troublesome for companies is the realization of just how little control they have over their benefit programs, given the rate of medical inflation, changes in Medicare provisions, and an Internal Revenue Code that changes frequently and doesn't always consider the need for efficacy in employee benefits.

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