Internal Revenue Code - IRC

The comprehensive set of tax laws created by the Internat Revenue Service (IRS). This code was enacted as Title 26 of the Unites States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes.

U.S. tax laws began to be codified in 1874, but there was no central, comprehensive source for them at that time. The IRC was originally compiled in 1939 and was overhauled in 1954 and again in 1986. This code is the definitive source of all tax law in the U.S. and has the force of law in and of itself.

Investment dictionary. . 2012.

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  • Internal Revenue Code (I.R.C.) — That body of law which codifies all federal tax laws including income, estate, gift, excise, etc. taxes. Such laws comprise Title 26 of the U.S. Code, and are implemented by the Internal Revenue Service and through it by Treasury Regulations;… …   Black's law dictionary

  • Internal Revenue Code — Title 26 of the United States Code, inclusive of sections on income taxes, estate taxes, gift taxes, excises on alcohol and tobacco, and various other excises, together with provisions on the administration of such tax laws and the procedure to… …   Ballentine's law dictionary

  • Internal Revenue Code — The federal tax law of the USA, which comprises the regulations applied to taxpayers …   Accounting dictionary

  • Internal Revenue Code — The federal tax law of the USA, which comprises the regulations applied to taxpayers …   Big dictionary of business and management

  • Internal Revenue Code — Fin the complex series of federal tax laws …   The ultimate business dictionary

  • Internal Revenue Code section 212 — Internal Revenue Code § 212 provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities. Taxpayers are allowed to deduct “all in the ordinary and necessary expenses paid or incurred during the… …   Wikipedia

  • Internal Revenue Code section 861 — Internal Revenue Code 861, usc|26|861, titled Income from sources within the United States is a provision of the Internal Revenue Code which lists The following items of gross income shall be treated as income from sources within the United… …   Wikipedia

  • Internal Revenue Code of 1986 — The Tax Reform Act of 1986 redesignated the Internal Revenue Code of 1954 as the Internal Revenue Code of 1986 and made numerous other amendments. The 86 Act, however, did not change the overall structure of the Code. See Internal Revenue Code.… …   Wikipedia

  • Internal Revenue Code section 3401 — IRS Code 3401 gives the definitions pertaining to Wage Withholding. These definitions provide guidelines to help IRS employees and Taxpayers in understanding the Internal Revenue Code. IRS regulation 3401 defines the terms used in regard to Wage… …   Wikipedia

  • Internal Revenue Code section 409A — Section 409A of the United States Internal Revenue Code regulates the tax treatment of the “nonqualified deferred compensation,” whether paid to executives or any other employees. History Section 409A was added to the Internal Revenue Code,… …   Wikipedia

  • Internal Revenue Code (Puerto Rico) — The Internal Revenue Code of Puerto Rico (in spanish, Codigo de Rentas Internas de de Puerto Rico ) is the main body of domestic statutory tax law of Puerto Rico organized topically, including laws covering the income tax, payroll taxes, gift… …   Wikipedia

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