What is the current Internal Revenue Code

Document U.S. Income Tax Law - - Part I -

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IWB No. 6 from 03/25/1998 Page 271 Subject 8 USA Gr. 2 page 921

U.S. Income Tax Law

- Part One -

by tax advisor Hans Zschiegner, Chicago

A. Federal Tax Act and Guidelines

In the Federal Tax Act (Internal Revenue Code - IRC) a large number of tax laws were first summarized in 1939. In addition to income and corporation tax, this also includes estate and gift taxes, employee taxes, consumption taxes and procedural and administrative provisions. Due to the large number of changes brought about by the Tax Reform Act 1986, the resulting revision was designated by Congress as the Internal Revenue Code 1986. All following references to IRC paragraphs (Sections - Sec.) Refer to this.

The Federal Ministry of Finance (Treasury Department) issues guidelines (Reg.) On a case-by-case basis, which - mostly using numerous examples - illustrate the interpretation of the IRC or the tax consequences of certain transactions. Insofar as the finance minister does not exceed the fundamental competence of the IRC or the express authorization of parliament in individual legal paragraphs, final regulations have the force of law. New guidelines or changes to previous guidelines are usually initially proposed as "...

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