Internal Revenue Code - IRC

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DEFINITION of 'Internal Revenue Code - IRC'

The comprehensive set of tax laws created by the Internat Revenue Service (IRS). This code was enacted as Title 26 of the Unites States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes.

BREAKING DOWN 'Internal Revenue Code - IRC'

U.S. tax laws began to be codified in 1874, but there was no central, comprehensive source for them at that time. The IRC was originally compiled in 1939 and was overhauled in 1954 and again in 1986. This code is the definitive source of all tax law in the U.S. and has the force of law in and of itself.

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