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 ?
2642(a) of the Internal Revenue Code of 1986, as amended) to the following transfer to the Ann E.
65--Would amend the Internal Revenue Code of 1986 to allow a refundable credit to military retirees for premiums paid for coverage under Medicare part B.
Amo Houghton (R-NY), would amend the Internal Revenue Code of 1986 to repeal the required use of certain principal repayments on mortgage subsidy bond financing to redeem bonds and to modify the purchase price limitation under mortgage subsidy bond rules based on median family income.
(2) Providing or issuing annuities the income of which is subject to tax treatment under section 72 of the Internal Revenue Code of 1986 (26 U.S.C.
In other congressional news, on March 6, House Resolution 877 was introduced for amendment to the Internal Revenue Code of 1986.
4516 amends the Internal Revenue Code of 1986 to immediately repeal the telephone excise tax, which was first imposed in 1898 to fund the Spanish-American War.
The proposed legislation would "amend the Internal Revenue Code of 1986 to exclude from gross income amounts received on account of claims based on certain unlawful discrimination and to allow income averaging for back-pay and front-pay awards received on account of such claims."
Section 1296 of the Internal Revenue Code of 1986, as amended, defines a passive foreign investment company (PFIC) as any foreign corporation which, in any taxable year, has either more than 50 percent of its assets invested to generate passive income or has more than 75 percent of its gross income in passive income.
Senate Bill 2400, referred to the Senate Finance Committee, would effectively amend Section 7430 of the Internal Revenue Code of 1986. Upon passage, this proposal would alter the definition of prevailing parties for awarding of attorneys' fees in tax cases by striking clauses 7430(c)(4)(a) and 7430(c)(7).
Griffin intends to finance the acquisition using the approximately USD 9.7m of cash being held in escrow for a like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended, with the balance of the purchase price being paid from Griffin's cash on hand.
954: To amend the Internal Revenue Code of 1986 to exempt from the individual mandate certain individuals who had coverage under a terminated qualified health plan funded through the Consumer Operated and Oriented Plan (CO-OP) program

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