Internal Revenue Code

The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States.

That is, the acts of Congress were not organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.).

Subsequent permanent tax laws enacted by the United States Congress updated and amended the 1939 Code.

On August 16, 1954, in connection with a general overhaul of the Internal Revenue Service, the IRC was greatly reorganized by the 83rd United States Congress and expanded (by Chapter 736, Pub.

The 1954 Code temporarily extended the Revenue Act of 1951's 5 percentage point increase in corporate tax rates through March 31, 1955, increased depreciation deductions by providing additional depreciation schedules, and created a 4 percent dividend tax credit for individuals.

The basic structure of Title 26 remained the same until the enactment of the comprehensive revision contained in Tax Reform Act of 1986, although individual provisions of the law were changed on a regular basis.

That is, the 1986 Code retained most of the same lettering and numbering of subtitles, chapters, subchapters, parts, subparts, sections, etc.

The corporate income tax is imposed by Internal Revenue Code esection 11.