Internal Revenue Code - Internal Revenue Code of 1986

Internal Revenue Code of 1986

References to the Internal Revenue Code in the United States Code and other statutes of Congress subsequent to 1954 generally mean Title 26 of the Code as amended. The basic structure of the Title 26 remained the same until the enactment of the comprehensive revision contained in Tax Reform Act of 1986, although of course individual provisions of the law were changed on a regular basis.

Section 2 of the Tax Reform Act of 1986 provides (in part):

(a) Redesignation of 1954 Code. - The Internal Revenue Title enacted August 16, 1954, as heretofore, hereby, or hereafter amended, may be cited as the "Internal Revenue Code of 1986".
(b) References in Laws, Etc. - Except when inappropriate, any reference in any law, Executive order, or other document -
(1) to the Internal Revenue Code of 1954 shall include a reference to the Internal Revenue Code of 1986, and
(2) to the Internal Revenue Code of 1986 shall include a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.

Thus, the 1954 Code was renamed the Internal Revenue Code of 1986 by section 2 of the Tax Reform Act of 1986. The 1986 Act contained substantial amendments, but no formal re-codification. That is, the 1986 Code retained most of the same lettering and numbering of subtitles, chapters, subchapters, parts, subparts, sections, etc. The 1986 Code, as amended from time to time (and still published as title 26 of the United States Code), retains the basic structure of the 1954 Code.

Read more about this topic:  Internal Revenue Code

Famous quotes containing the words internal, revenue and/or code:

    The real essence, the internal qualities, and constitution of even the meanest object, is hid from our view; something there is in every drop of water, every grain of sand, which it is beyond the power of human understanding to fathom or comprehend. But it is evident ... that we are influenced by false principles to that degree as to mistrust our senses, and think we know nothing of those things which we perfectly comprehend.
    George Berkeley (1685–1753)

    Happy are those who find wisdom, and those who get understanding, for her income is better than silver, and her revenue better than gold. She is more precious than jewels, and nothing you desire can compare with her. Long life is in her right hand; in her left hand are riches and honor. Her ways are ways of pleasantness, and all her paths are peace. She is a tree of life to those who lay hold of her; those who hold her fast are called happy.
    Bible: Hebrew, Proverbs 3:13-18.

    Wise Draco comes, deep in the midnight roll
    Of black artillery; he comes, though late;
    In code corroborating Calvin’s creed
    And cynic tyrannies of honest kings;
    He comes, nor parlies; and the Town, redeemed,
    Gives thanks devout; nor, being thankful, heeds
    The grimy slur on the Republic’s faith implied,
    Which holds that Man is naturally good,
    And—more—is Nature’s Roman, never to be
    scourged.
    Herman Melville (1819–1891)