Internal Revenue Code

• Author: Jeffrey Lehman, Shirelle Phelps

Page 437

The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. [1986]) and are implemented by the INTERNAL REVENUE SERVICE through its Treasury Regulations and Revenue Rulings.

Congress made major statutory changes to title 26 in 1939, 1954, and 1986. Because of the extensive revisions made in the TAX REFORM ACT OF 1986, title 26 is now known as the Internal Revenue Code of 1986 (Pub. L. No. 99-514, § 2, 100 Stat. 2095 [Oct. 22, 1986]).

Subtitle A of the Code contains five chapters on income taxes. The chapters cover normal income taxes and surtaxes...