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We will be studying only certain portions of the Internal Revenue Code. You should learn the basic outline of Code provisions that establish the basic income tax. This will give you a good hunch of where to find the answer to particular questions. Some prominent research tools are organized according to the sections of the Code. Specifically –
§§ 1 and 11 establish rates; |
§§ 21-54AA provide credits against tax liability; |
§§ 55-59 establish the alternative minimum tax; |
§§ 61-65 provide some key definitions concerning “gross income,” “adjusted gross income,” and “taxable income;” |
§§ 67-68 provide rules limiting deductions; |
§§ 71-90 require inclusion of specific items (or portions of them) in gross income; |
§§ 101-139E state rules concerning exclusions from gross income; |
§§ 141-149 establish rules governing state and local bonds whose interest is exempt from gross income; |
§§ 151-153 establish rules governing personal exemptions; |
§§ 161-199 establish rules governing deductions available both to individuals and corporations; |
§§ 211-223 establish rules governing deductions available only to individuals; |
§§ 241-249 establish rules governing deductions available only to corporations; |
§§ 261-280H deny or limit deductions that might otherwise be available; |
§§ 441-483 provide various rules of accounting, including timing of recognition of income and deductions; |
§§ 1001-1021 provide rules governing the recognition of gain or loss on the disposition of property; |
§§ 1031-1045 provide rules governing non-recognition of gain or loss upon the disposition of property, accompanied by a transfer and adjustment to basis; |
§§ 1201-1260 provide rules for defining and calculating capital gains/losses; |
§§ 1271-1288 provide rules for original issue discount. |
These are (more than) the code sections that will be pertinent to this course. Obviously, there are many more code provisions that govern other transactions.
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