Internal Revenue Code

Definition of "Internal Revenue Code"
  1. The Internal Revenue Code is a law that guides federal tax legislation in the United States, which was originally enacted in 1939 as an amalgamation of U.S. statutes prevalent from 1862 to 1938. The Code underwent significant revisions in 1954, and again in 1986 through the Tax Reform Act, which is now known as the Internal Revenue Code of 1986. The Code outlines the operating parameters of the U.S. tax system. The administration of the Code is overseen by the Internal Revenue Service
How to use "Internal Revenue Code" in a sentence
  1. The Internal Revenue Code extensively elaborates on the taxation parameters for different income levels.
  2. According to the Internal Revenue Code, there are specific tax obligations for alcohol production.
  3. The Internal Revenue Service effectively enforces the provisions of the Internal Revenue Code.

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