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 ?
To determine if the filer is a resident of the United States apply the residency tests in 26 USC section 7701(b)." Under those residency tests, a non-U.S.
(17.) 26 USC [section] 2056(b)(7), under which the surviving spouse must have a qualifying income interest for life, i.e., the surviving spouse must be entitled to all income from the trust, distributed at least annually; and no one may have the right to appoint any part of the trust to anyone other than the surviving spouse during the surviving spouse's lifetime.
In addition, the employer could be liable for (1) an excise tax under the Internal Revenue Code of $100 for each day of the period of noncompliance (26 USC Section 4980B), and (2) a fine under ERISA of up to $100 a day for the failure to provide the COBRA notice to the employee and/or the family members (ERISA, 29 USC Section 1132(c)(1)(A)).
Section 104(a) (2) of the Internal Revenue Code provides that gross income does not include "the amount of any damages received (whether by suit of agreement and whether as lump sums or periodic payments) on account of personal injuries or sickness," 26 USC 104(a) (2).
Section 67(a) of the Internal revenue Code, 26 USC [section] 67(a), provides that miscellaneous itemized deductions, which include investment advisory fees, are allowed only to the extent "that the aggregate of such deductions exceeds 2 percent" of AGI of the trust or estate.