Internal Revenue Code

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Internal Revenue Code

The various statutes and regulations making up federal tax law.
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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.
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Internal Revenue Code

The tax law of the United States.
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References in periodicals archive ?
2085 (1986) (codified as amended at 26 U.S.C. [section] 42 (2000)), and it was permanently funded in the Omnibus Budget Reconciliation Act of 1993, Pub.
easement); American Farm and Ranch Protection Act, 26 U.S.C. [section]
(1.) 26 U.S.C. [sections]2001(c) says that for estates over $3 million the tax is $1,290,800 plus 55% of any excess over $3 million.
Congress enacted the National Firearms Act (NFA), 26 U.S.C. [sections][sections] 5801-5872, in 1934 in response to an increase in criminal gang activity.(5) With the NFA, Congress sought to curtail this rise in criminal gang activity by depriving gangsters of their most dangerous weapons.(6) However, Congress did not want the NFA to restrict legitimate gun use by hunters, sportsmen, and people who kept a weapon for home protection.(7) Therefore, Congress limited the NFA to only those weapons that gangsters typically used.(8) This category of weapons was defined in the statute as "firearms," and included machine guns and sawed-off shotguns.(9) Congress felt that "there [was] no reason why anyone except a law officer should have a machine gun or a sawed-off shotgun."(10)
Incidentally, another provision of the IRS Code, 26 U.S.C. 6103(g) directs that the IRS "shall" furnish to the President or any White House personnel upon written request, the tax return of "any taxpayer" regardless of reason for the request and without any limitation on use of the data divulged.
(9) See 26 U.S.C. [section]338(h)(10) and 26 U.S.C.
Indeed, if religious organizations were merely a subset of charitable organizations, then they would not be explicitly mentioned separately from charitable organizations in 26 U.S.C. [section] 501(c)(3).
"The government appeals from the district court's pretrial dismissal of four charges of violations of the National Firearms Act (NFA), 26 U.S.C. 5801 et seq., brought against Daniel Musso.
(117) The majority employed a plain-meaning interpretation of the hanging paragraph and the state income tax statute (akin to 26 U.S.C. [section] 6072).
On August 21, 2018, a jury sitting in the Eastern District of Virginia convicted Paul Manafort of five counts of filing a false tax return, in violation of 26 U.S.C. * 7206(1); one count of failure to file reports disclosing foreign bank and financial accounts, in violation of 31 U.S.C.
(2) 26 U.S.C. Section 7201 ("Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than $100,000 [$500,000 in the case of a corporation], or imprisoned not more than 5 years, or both, together with the costs of prosecution").