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WIKIBOOKS
DISPONIBILI
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ART
- Great Painters
BUSINESS&LAW
- Accounting
- Fundamentals of Law
- Marketing
- Shorthand
CARS
- Concept Cars
GAMES&SPORT
- Videogames
- The World of Sports

COMPUTER TECHNOLOGY
- Blogs
- Free Software
- Google
- My Computer

- PHP Language and Applications
- Wikipedia
- Windows Vista

EDUCATION
- Education
LITERATURE
- Masterpieces of English Literature
LINGUISTICS
- American English

- English Dictionaries
- The English Language

MEDICINE
- Medical Emergencies
- The Theory of Memory
MUSIC&DANCE
- The Beatles
- Dances
- Microphones
- Musical Notation
- Music Instruments
SCIENCE
- Batteries
- Nanotechnology
LIFESTYLE
- Cosmetics
- Diets
- Vegetarianism and Veganism
TRADITIONS
- Christmas Traditions
NATURE
- Animals

- Fruits And Vegetables


ARTICLES IN THE BOOK

  1. Account
  2. Accountancy
  3. Accountant
  4. Accounting cycle
  5. Accounting equation
  6. Accounting methods
  7. Accounting reform
  8. Accounting software
  9. Accounts payable
  10. Accounts receivable
  11. Accrual
  12. Adjusted basis
  13. Adjusting entries
  14. Advertising
  15. Amortization
  16. Amortization schedule
  17. Annual report
  18. Appreciation
  19. Asset
  20. Assets turnover
  21. Audit
  22. Auditor's report
  23. Bad debt
  24. Balance
  25. Balance Sheet
  26. Banking
  27. Bank reconciliation
  28. Bankruptcy
  29. Big 4 accountancy firm
  30. Bond
  31. Bookkeeping
  32. Book value
  33. British qualified accountants
  34. Business
  35. Business process overhead
  36. Capital asset
  37. Capital goods
  38. Capital structure
  39. Cash
  40. Cash flow
  41. Cash flow statement
  42. Certified Management Accountant
  43. Certified Public Accountant
  44. Chartered Accountant
  45. Chartered Cost Accountant
  46. Chart of accounts
  47. Common stock
  48. Comprehensive income
  49. Consolidation
  50. Construction in Progress
  51. Corporation
  52. Cost
  53. Cost accounting
  54. Cost of goods sold
  55. Creative accounting
  56. Credit
  57. Creditor
  58. Creditworthiness
  59. Current assets
  60. Current liabilities
  61. Debentures
  62. Debits and Credits
  63. Debt
  64. Debtor
  65. Default
  66. Deferral
  67. Deferred tax
  68. Deficit
  69. Deloitte Touche Tohmatsu
  70. Depreciation
  71. Direct tax
  72. Dividend
  73. Double-entry bookkeeping system
  74. Earnings before interest and taxes
  75. Earnings Before Interest, Taxes and Depreciation
  76. Earnings before Interest, Taxes, Depreciation and Amortization
  77. Engagement Letter
  78. Equity
  79. Ernst a& Young
  80. Expense
  81. Fair market value
  82. FIFO and LIFO accounting
  83. Finance
  84. Financial accounting
  85. Financial audit
  86. Financial statements
  87. Financial transaction
  88. Fiscal year
  89. Fixed assets
  90. Fixed assets management
  91. Fixed Assets Register
  92. Forensic accounting
  93. Freight expense
  94. Fund Accounting
  95. Furniture
  96. General journal
  97. General ledger
  98. Generally Accepted Accounting Principles
  99. Going concern
  100. Goodwill
  101. Governmental accounting
  102. Gross income
  103. Gross margin
  104. Gross profit
  105. Gross sales
  106. Historical cost
  107. Hollywood accounting
  108. Imprest system
  109. Income
  110. Income tax
  111. Indirect tax
  112. Insurance
  113. Intangible asset
  114. Interest
  115. Internal Revenue Code
  116. International Accounting Standards
  117. Inventory
  118. Investment
  119. Invoice
  120. Itemized deduction
  121. KPMG
  122. Ledger
  123. Lender
  124. Leveraged buyout
  125. Liability
  126. Licence
  127. Lien
  128. Liquid asset
  129. Long-term assets
  130. Long-term liabilities
  131. Management accounting
  132. Matching principle
  133. Mortgage
  134. Net Income
  135. Net profit
  136. Notes to the Financial Statements
  137. Office equipment
  138. Operating cash flow
  139. Operating expense
  140. Operating expenses
  141. Ownership equity
  142. Patent
  143. Payroll
  144. Pay stub
  145. Petty cash
  146. Preferred stock
  147. PricewaterhouseCoopers
  148. Profit
  149. Profit and loss account
  150. Pro forma
  151. Purchase ledger
  152. Reserve
  153. Retained earnings
  154. Revaluation of fixed assets
  155. Revenue
  156. Revenue recognition
  157. Royalties
  158. Salary
  159. Sales ledger
  160. Sales tax
  161. Salvage value
  162. Shareholder
  163. Shareholder's equity
  164. Single-entry accounting system
  165. Spreadsheet
  166. Stakeholder
  167. Standard accounting practice
  168. Statement of retained earnings
  169. Stock
  170. Stockholders' deficit
  171. Stock option
  172. Stock split
  173. Sunk cost
  174. Suspense account
  175. Tax bracket
  176. Taxes
  177. Tax expense
  178. Throughput accounting
  179. Trade credit
  180. Treasury stock
  181. Trial balance
  182. UK generally accepted accounting principles
  183. United States
  184. Value added tax
  185. Value Based Accounting Standards and Principles
  186. Write-off
 



ACCOUNTING
This article is from:
http://en.wikipedia.org/wiki/Internal_Revenue_Code

All text is available under the terms of the GNU Free Documentation License: http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License 

Internal Revenue Code

From Wikipedia, the free encyclopedia

 

The Internal Revenue Code (or IRC) (more formally, the Internal Revenue Code of 1986, as amended) is the main body of domestic statutory tax law of the United States organized topically, including laws covering the income tax (see Income tax in the United States), payroll taxes, gift taxes, estate taxes and statutory excise taxes. The Internal Revenue Code is published as title 26 of the United States Code (USC), and is also known as the internal revenue title.

Genesis of tax codes in the United States

Prior to 1874, U.S. statutes were not codified. That is, they were not set forth in one comprehensive subject matter title, but were instead contained in the various acts passed by Congress. Codifications of statutes (including tax statutes) undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873 (title 35 of which was the internal revenue title). Another codification was undertaken in 1878.

In 1919, a committee of the U.S. House of Representatives began a project to recodify U.S. statutes which eventually resulted in a new code in 1926 (including tax statutes).

Internal Revenue Code of 1939

The tax statutes were re-codified by an Act of Congress on February 10, 1939 as the "Internal Revenue Code" (later known as the "Internal Revenue Code of 1939"). The 1939 Code was published as volume 53, Part I, of the United States Statutes at Large and as title 26 of the United States Code. Subsequent permanent tax laws enacted by the United States Congress updated and amended the 1939 Code.

Internal Revenue Code of 1954/1986

On August 16, 1954, in connection with a general overhaul of the Internal Revenue Service, the IRC was greatly reorganized by Congress and expanded. The code was published in volume 68A of the United States Statutes at Large. To prevent confusion with the 1939 Code, the new version was thereafter referred to as the Internal Revenue Code of 1954 and the prior version as the Internal Revenue Code of 1939. The lettering and numbering of subtitles, sections, etc., was completely changed. For example, section 22 of the 1939 Code (defining gross income) was roughly analogous to section 61 of the 1954 Code. The 1954 Code replaced the 1939 Code as title 26 of the United States Code.

Section 2 of the Tax Reform Act of 1986 provides (in part):

(a) Redesignation of 1954 Code. - The Internal Revenue Title enacted August 16, 1954, as heretofore, hereby, or hereafter amended, may be cited as the "Internal Revenue Code of 1986".
(b) References in Laws, Etc. - Except when inappropriate, any reference in any law, Executive order, or other document -
(1) to the Internal Revenue Code of 1954 shall include a reference to the Internal Revenue Code of 1986, and
(2) to the Internal Revenue Code of 1986 shall include a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.

In effect, the '54 Code was renamed the Internal Revenue Code of 1986 by section 2 of the Tax Reform Act of 1986. The 1986 Act contained substantial amendments, but no formal re-codification. That is, the 1986 Code retained the most of the same lettering and numbering of subtitles, chapters, subchapters, parts, subparts, sections, etc. The 1986 Code, as amended from time to time (and still published as title 26 of the United States Code), retains the basic structure of the 1954 Code.

The Internal Revenue Code includes most but not all Federal tax statutes. Some tax statutes are found in other provisions of the United States Code including title 11 (related to bankruptcy) and title 28 (related to the judiciary). Further, some tax statutes are not codified at all (for example, the provisions of tax statutes that list the effective dates of Internal Revenue Code amendments).

Individual income tax

Perhaps the most widely known function of the IRC is that it is the law which requires all Americans to pay a Federal income tax. Indeed, the first operative words of the document are the title to § 1, "Tax imposed", and Section 1 of the Internal Revenue Code describes the exact dollar amounts and percentages of income that the law requires must be paid as income tax.

Organization

Since the IRC is a part of the USC, the organization of the IRC is identical. See United States Code#Organization.

As an example, section 162(e)(2)(B)(ii) (26 U.S.C. § 162(e)(2)(B)(ii)) would be as follows:

Title 26: Internal Revenue Code

  • Subtitle A: Income Taxes
    • Chapter 1: Normal Taxes and Surtaxes
      • Subchapter B: Computation of Taxable Income
        • Part VI: Itemized Deductions for Individuals and Corporations
          • Section 162: Trade or business expenses
            • Subsection (e): Denial of deduction for certain lobbying and political expenditures
              • Paragraph (2) Exception for local legislation
                • Sub-paragraph (B)
                  • Clause (ii)

Subtitles

  • A. Income Taxes (sections 1 through 1563)
    As a further example, here are the chapters of this subtitle:
    • CHAPTER 1—NORMAL TAXES AND SURTAXES (sections 1 through 1400L)
    • CHAPTER 2—TAX ON SELF-EMPLOYMENT INCOME (sections 1401 through 1403)
    • CHAPTER 3—WITHHOLDING OF TAX ON NONRESIDENT ALIENS AND FOREIGN CORPORATIONS (sections 1441 through 1464)
    • CHAPTER 4—Repealed
    • CHAPTER 5—Repealed
    • CHAPTER 6—CONSOLIDATED RETURNS (sections 1501 through 1563)
  • B. Estate and Gift Taxes (sections 2001 through 2704)
  • C. Employment Taxes (sections 3101 through 3510)
  • D. Miscellaneous Excise Taxes (sections 4001 through 5000)
  • E. Alcohol, Tobacco and Certain Other Excise Taxes (sections 5001 through 5891)
  • F. Procedure and Administration (sections 6001 through 7874)
  • G. The Joint Committee on Taxation (sections 8001 through 8023)
  • H. Financing of Presidential Campaigns (sections 9001 through 9042)
  • I. Trust Fund Code (sections 9500 through 9602)
  • J. Coal Industry Health Benefits (sections 9701 through 9722)
  • K. Group Health Plan Portability, Access, and Renewability Requirements (sections 9801 through 9833)

List of commonly-referenced sections

All of these examples are from Chapter 1 (Normal Taxes and Surtaxes) of Subtitle A (Income Taxes)

(key: §="section", §§="sections")

Title 26 - Internal Revenue Code

  • Subtitle A - Income Taxes (§§ 1-1563)
    • Chapter 1 - Normal Taxes and Surtaxes (§§ 1-1400L)
      • Subchapter A - Determination of Tax Liability (§§ 1-59)
        • Part I - Tax on Individuals (§§ 1-59)
          • Section 1 - Tax imposed
      • Subchapter B - Computation of Taxable Income (§§ 61-291)
        • Part VI - Itemized Deductions for Individuals and Corporations (§§ 161-198)
          • Section 179 - Election to expense certain depreciable business assets (26 U.S.C. § 179)
      • Subchapter C - Corporate Distributions and Adjustments (§§ 301-385)
        • Part III - Corporate Organizations and Reorganizations (§§ 351-368)
          • Subpart A - Effects on Recipients (§ 351)
            • Section 351 - Transfer to Corporation controlled by transferor (26 U.S.C. § 351)
          • Subpart B - Effects on Shareholders and Security Holders (§§ 354-358)
            • Section 355 - Corporate divisions (26 U.S.C. § 355)
          • Subpart D - Special Rule: Definitions (§§ 367-368)
            • Section 368 - Taxfree reorganizations (i.e. takeovers, mergers) (26 U.S.C. § 368)
      • Subchapter D - Deferred Compensation, Etc. (§§ 401-425)
        • Part I - Pension, Profit-sharing, Stock Bonus Plas, etc. (§§ 401-420)
          • Subpart A - General Rule (§§ 401-409)
            • Section 401 - Qualified pension, profit-sharing, and stock bonus plans
              • paragraph (a) ("401(a)") - employer-sponsored retirement plan for employees of state and local governments and certain tax-exempt entities (26 U.S.C. § 401(a))
              • paragraph (k) ("401(k)")- employer-sponsored retirement plan (26 U.S.C. § 401(k))
            • Section 402A - "Roth 401(k)" (26 U.S.C. § 402A)
            • Section 403 - Taxation of employee annuities
              • paragraph (b) ("403(b)") - employer-sponsored retirement plan at non-profit organizations (26 U.S.C. § 403(b))
            • Section 408 - Individual Retirement Accounts (26 U.S.C. § 408)
            • Section 408A - Roth IRAs (26 U.S.C. § 408A)
            • Section 409A - The Enron provisions on deferred compensation
      • Subchapter E - Accounting Periods and Methods of Accounting (§§ 441-483)
        • Part II - Methods of Accounting (§§ 446-475)
          • Subpart A - Methods of Accounting in General (§§ 446-448)
          • Subpart B - Taxable Year for Which Items of Gross Income Included (§§ 451-460)
            • Section 457 - retirement plan for governmental and certain non governmental employers (26 U.S.C. § 457)
      • Subchapter F - Exempt Organizations (§§ 501-530)
        • Part I - General Rule (§§ 501-505)
          • Section 501 - Exemption from tax on corporations, certain trusts, etc. (26 U.S.C. § 501)
            • paragraph (c) ("501(c)") - List of exempt organizations (26 U.S.C. § 501(c))
              • subparagraph (1) ("501(c)(1)") - corporations organized under Acts of Congress such as Federal Credit Unions (26 U.S.C. § 501(c)(1))
              • subparagraph (2) ("501(c)(2)") - title-holding corporations for exempt organizations (26 U.S.C. § 501(c)(2))
              • subparagraph (3) ("501(c)(3)") - charitable, non-profit, religious, and educational organizations (26 U.S.C. § 501(c)(3))
              • subparagraph (4) ("501(c)(4)") - political education organizations (26 U.S.C. § 501(c)(4))
              • subparagraph (6) ("501(c)(6)") - business leagues and chambers of commerce (26 U.S.C. § 501(c)(6))
              • subparagraph (7) ("501(c)(7)") - recreational clubs (26 U.S.C. § 501(c)(7))
        • Part VI - Political Organizations (§ 527)
          • Section 527 - political advocacy groups (26 U.S.C. § 527)
        • Part VIII - Higher Education Savings Entities (§§ 529-530)
          • Section 529 - Qualified tuition programs (26 U.S.C. § 529)
          • Section 530 - Coverdell Education Savings Accounts (26 U.S.C. § 530)
      • Subchapter O - Gain or Loss on Disposition of Property
        • Part III - Common Nontaxable Exchanges
          • Section 1031 - Exchange of property held for productive use or investment (26 U.S.C. § 1031)

External links

  • Database containing the text of Title 26


 

Retrieved from "http://en.wikipedia.org/wiki/Internal_Revenue_Code"
 

 

 

  

 

 


 

 
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