Internal Revenue Code Section 1

Internal Revenue Code Section 1

Section 1 of the Internal Revenue Code (26 U.S.C. § 1 or simply IRC §1), titled "Tax Imposed" is the law that imposes a federal income tax on taxable income, and sets forth the amount of the tax to be paid. A similar tax on corporations is set forth in IRC §11.

Within the layout of the IRC, this section appears as follows:

  • Subtitle A - Income Taxes (§§ 1-1563)
    • Chapter 1 - Normal Taxes and Surtaxes (§§ 1-1400T)
      • Subchapter A - Determination of Tax Liability (§§ 1-59A)
        • Part I - Tax on Individuals (§§ 1-5)
          • Section 1 - Tax imposed

Read more about Internal Revenue Code Section 1:  Basic Provisions of Section 1, Example of Tax Rate Schedule For Year 1993 For "head of Household", Example of Tax Rate Schedule For Year 2006 For "head of Household", Income Taxation of Estates and Trusts

Famous quotes containing the words section 1, internal, revenue, code and/or section:

    “... all my letters are read. I like that. I usually put something in there that I would like the staff to see. If some of the staff are lazy and choose not to read the mail, I usually write on the envelope “Legal Mail.” This way it will surely be read. It’s important that we educate everybody as we go along.”
    —Jean Gump, U.S. pacifist. As quoted in The Great Divide, book 2, section 10, by Studs Terkel (1988)

    “We all run on two clocks. One is the outside clock, which ticks away our decades and brings us ceaselessly to the dry season. The other is the inside clock, where you are your own timekeeper and determine your own chronology, your own internal weather and your own rate of living. Sometimes the inner clock runs itself out long before the outer one, and you see a dead man going through the motions of living.”
    —Max Lerner (b. 1902)

    “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.

    “Motion or change, and identity or rest, are the first and second secrets of nature: Motion and Rest. The whole code of her laws may be written on the thumbnail, or the signet of a ring.”
    —Ralph Waldo Emerson (1803–1882)

    “Personally I think we’re over-specialized. Why it’s getting so we have experts who concentrate only on the lower section of a specimen’s left ear.”
    —Martin Berkeley, and Jack Arnold. Prof. Clete Ferguson (John Agar)