Internal Revenue Code - Explained
What is the Internal Revenue Code?
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Table of ContentsWhat is the Internal Revenue Code?How Does the Internal Revenue Code Work?References for the Internal Revenue Code (IRC)
What is the Internal Revenue Code?
The US code of statutes Title 26 is commonly referred to as The International Revenues Code (IRC) or Tax code. It is simply the consolidation of the US permanent laws. This group of laws touch on incomes, gifts, sales, payroll, and excise taxes and are implemented by the Internal Revenue Service. IRS is also mandated to collect and impose punishments on tax evaders.
Back to:ACCOUNTING & TAXATION
How Does the Internal Revenue Code Work?
The internal revenue code is divided into 11 subtopics as follows; Income Taxes, Estate and Gift Taxes, Employment Taxes, Miscellaneous Excise Taxes, Alcohol, Tobacco and Certain, Other Excise Taxes, Procedure and Administration, The Joint Committee on Taxation, Financing of Presidential Election Campaigns, Trust Fund Code, Coal Industry Health Benefits and Group Health Plan Requirements. The IRC was established in 1926.
References for the Internal Revenue Code (IRC)
- Taxes and Civil Rights: Constitutionalizing the Internal Revenue Code, Bittker, B. I., & Kaufman, K. M. (1972). Yale LJ, 82, 51. The author of this article discusses tax collection and civil rights. It also looks for ways of constitutionalizing the Internal Revenue Code of 1954.
- The Internal Revenue Code of 1954: Partnerships, Jackson, J. P., Johnson, M. H., Surrey, S. S., Tenen, C. K., & Warren, W. C. (1954). Columbia Law Review, 54(8), 1183-1236. This article looks at various people involved in setting up The Internal Revenue Code of 1954.
- Thinking About Nonliteral Interpretations of the Internal Revenue Code, Zelenak, L. (1985). NCL Rev., 64, 623. There have been frequent conflicts between literal code language and its structure when courts are attempting to interpret the Internal Revenue Code. According to Prof. Zelenak, the Supreme Court has failed to guide the lower courts when the non-literal interpretation is acceptable. He argues that these non-literal interpretations are acceptable when the code interpreted conflicts the codes structure. Some parts of the code are considered to be too complex since it does not justify an overall prohibition of the non-literal. According to Prof. Zelenak, some courts display pro-government characteristics during non-literal interpretation. Prof Zelenak suggests that the long term solution to this problem is for the Supreme Court should come clear on the issue of non-literal interpretation.
- Internal Revenue Code of 1954: Trusts, Estates and Beneficiaries, The, Kamin, S., Surrey, S. S., & Warren, W. C. (1954). Colum. L. Rev., 54, 1237. The author of this article looks at the Internal Revenue Code about trust, Estates, and beneficiaries.
- Attribution of Stock Ownership in the Internal Revenue Code, Ringel, F. M., Surrey, S. S., & Warren, W. C. (1958). Harvard Law Review, 209-265. Several code provisions are designed to protect the actual owner stock owner. The article analyses various scenarios in which this provision may apply. It goes ahead to give its suggestions of uniform and simpler rules.
- Charitable Gifts of Income and the Internal Revenue Code, Griswold, E. N. (1951). Harvard Law Review, 65(1), 84-93. This article looks at how Internal Revenue Code controls gifts and income.
- The 1990 Uniform Probate Code: Older and Better, or More Like the Internal Revenue Code, Ascher, M. L. (1992). Minn. L. Rev., 77, 639. This Act was passed in 1990. The article looks at this law and its similarities with the Internal Revenue Code.
- In Pursuance of the Plan of Reorganization: The Scope of the Reorganization Provisions of the Internal Revenue Code, Manning, E. (1958). Harv. L. Rev., 72, 881. The article looks at the required implication to be governed effectively by the Internal Revenue Code. It also goes ahead to give various suggestions that can be used to determine which transaction can be used to determine a corporate readjustment. Finally, it looks at the requisite of the plan.
- Reflections Upon the American Law Institute Tax Project and the Internal Revenue Code: A Plea for a Moratorium and Reappraisal, Cary, W. L. (1960). Columbia Law Review, 60(3), 259-283. The article looks at the American Law Institute Tax Institute about the Internal Revenue Code. It also touches on a plea to abolish or reassess this provision.
- Charitable Gifts of Income and the Internal Revenue Code: Another View, Bittker, B. I. (1952). Harvard Law Review, 65(8), 1375-1388. Dean Griswold gives his opinion on two controversial treasury rulings that was made in November 1951. These critics were as a result of similar suggestions by Mr. Robert N. Miller. In this book, Dean refers to Miller as The Dean of The Bar. The article illustrates its reservation on the critic of both deans.
- Acquisitions to Avoid Income or Excess Profits Tax: Section 129 of the Internal Revenue Code, Rudick, H. J. (1944). Harvard Law Review, 58(2), 196-225. The article illustrates how Internal Revenue Code helps to avoid overtaxing and acquisition to avoid income.
- The Internal Revenue Code, the Constitution, and the Courts: The Use of Tax Expenditure Analysis in Judicial Decision Making, Adler, D. D. (1993). Wake Forest L. Rev., 28, 855. In this article, Wake Forest L. Rev talks about the tax expenditure analysis in the Judicial decision making through the Internal Revenue Code.