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CHAPTER TWO. THE INTERNAL REVENUE CODE. EXPECTED LEARNING OUTCOMES. Appreciate and understand: The significance of the Internal Revenue Code The legislative process How to find legislative history How to locate and analyze Code provisions How to properly cite the Code.

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chapter two

CHAPTER TWO

THE INTERNAL REVENUE CODE

expected learning outcomes
EXPECTED LEARNING OUTCOMES
  • Appreciate and understand:
    • The significance of the Internal Revenue Code
    • The legislative process
    • How to find legislative history
    • How to locate and analyze Code provisions
    • How to properly cite the Code
sources of tax law
Sources of tax law
  • Sixteenth Amendment ratified in 1913 created income tax.
  • Internal Revenue Code was created in 1939 and subsequently revised in 1954 and 1986.
  • Statutory authority = Internal Revenue Code (Legislative)
  • Administrative authority (Executive)
  • Judicial authority (Judicial)
the significance of the internal revenue code
THE SIGNIFICANCE OF THE INTERNAL REVENUE CODE
  • Compilation of tax statutes enacted by Congress
finding legislative history
FINDING LEGISLATIVE HISTORY
  • Each act is a “Public Law” and given a designated number – pg. 54
  • Recent public laws (CCH and RIA)
  • Older legislation
    • Cumulative Bulletins
    • BNA’s Primary Sources
joint committee on taxation
Joint Committee On Taxation
  • Created by the IRC
  • Works with W&M committee and SFC committee – Brings tax law knowledge to the process.
  • Provide explanations of the law: Blue Book
  • Do not confuse with conference committee in the legislative process
organization of the code
ORGANIZATION OF THE CODE
  • Title 26 of the United States Code
  • Organized into segments
  • See Illustration on pg. 58
  • Citation of Code: Sec. #, subsection, paragraph, subparagraph, clause: Sec 162(g) (1)(A)(i) – see pg. 62-63.
  • Flush language---
locating relevant provisions
LOCATING RELEVANT PROVISIONS
  • Table of Contents – reference noted is to Code Section
  • Index
  • Knowledge of pertinent provision
  • Reference from a secondary source
analyzing the code
Analyzing the Code
  • Logical skimming
  • Terms of art: special meaning when using the IRC
    • Determining the tax context and relative importance of words.
    • IRC Sec 7701 – useful definitions
  • Connecting words: or v. and to assess if criteria are met.
  • Measuring words: less than, equal to, greater than etc.
  • Use of male pronoun: used for brevity
analyzing the code continued
Analyzing the Code(Continued)
  • Limiting language: For purposes of a) this title v. b) this section
  • Pinballing: reference to other sections rather than repeat of provisions
  • Sunset provisions: time limitation of section, requiring future reenactment.
  • Transition provisions: safe harbors during pending legislation.
  • Historical notes: insight into previous versions of the code section.
accessing the code
Accessing the Code
  • Print/Paper
  • CD-ROM
  • Modem
  • Web