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Revenue Act of 1950; Excess profits tax (1950) P.L. 82-183 Enacted 10/20/51 Revenue Act of 1951; P.L. 83-324 Enacted 03/31/54 Excise Tax Reduction Act of 1954; P.L. 83-517 Enacted 07/22/1954 Revised Organic Act of the Virgin Islands; P.L. 83-591 Enacted 08/16/54 Internal Revenue Code of 1954; P.L. 83-703 Enacted 08/30/1954 Atomic Energy Act of 1954
The text of the Internal Revenue Code as published in title 26 of the U.S. Code is virtually identical to the Internal Revenue Code as published in the various volumes of the United States Statutes at Large. [3] Of the 50 enacted titles, the Internal Revenue Code is the only volume that has been published in the form of a separate code.
Under Internal Revenue Code section 102(c), gifts transferred by or for an employer to, or for the benefit of, an employee, cannot generally be excluded from gross income. [1] There are some statutory exceptions to this rule, for example, in the case of de minimis fringe amounts [2] and for achievement awards. [3]
Under Internal Revenue Code section 102(b)(1), income subsequently derived from any property received as a gift is not excludable from the income taxed to the recipient. In addition, under Internal Revenue Code section 102(b)(2), a donor may not circumvent this requirement by giving only the income and not the property itself to the recipient.
The Augusta Rule refers to Internal Revenue Code Section 280(A), which allows owners to rent out their property for 14 days or less in a year without reporting the income they earn. Since the ...
Section 7805 of the Internal Revenue Code gives the United States Secretary of the Treasury the power to create the necessary rules and regulations for enforcing the Internal Revenue Code. [2] These regulations, including but not limited to the "Income Tax Regulations," are located in Title 26 of the Code of Federal Regulations, or "C.F.R ...
The Internal Revenue Service Restructuring and Reform Act of 1998, also known as Taxpayer Bill of Rights III (Pub. L. 105–206 (text), 112 Stat. 685, enacted July 22, 1998), resulted from hearings held by the United States Congress in 1996 and 1997. The Act included numerous amendments to the Internal Revenue Code of 1986.
The Internal Revenue Code governs the application of tax accounting. Section 446 sets the basic rules for tax accounting. Tax accounting under section 446(a) emphasizes consistency for a tax accounting method with references to the applied financial accounting to determine the proper method. The taxpayer must choose a tax accounting method ...
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related to: internal revenue code section 1022