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International reply coupon. An international reply coupon (IRC) is a coupon that can be exchanged for one or more postage stamps representing the minimum postage for an unregistered priority airmail letter of up to twenty grams sent to another Universal Postal Union (UPU) member country. IRCs are accepted by all UPU member countries.
The International Code Council ( ICC) is a nonprofit standards organization that creates the International Building Code (IBC), a model building code, as well as the International Residential Code (IRC), and other model codes. The IBC has been adopted for use as a base code standard by most jurisdictions in the United States.
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.
Under Section 1031 of the United States Internal Revenue Code ( 26 U.S.C. § 1031 ), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange. In 1979, this treatment was expanded by the courts to include non-simultaneous sale and ...
Taxation in the United States. The Taxpayer Relief Act of 1997 ( Pub. L. 105–34 (text) (PDF), H.R. 2014, 111 Stat. 787, enacted August 5, 1997) was enacted by the 105th United States Congress and signed into law by President Bill Clinton. The legislation reduced several federal taxes in the United States and notably created the Roth IRA.
Internal Revenue Code section 355. Section 355 of the Internal Revenue Code ( IRC § 355) allows a corporation to make a tax-free distribution to its shareholders of stock and securities in one or more controlled subsidiaries. If a set of statutory and judicial requirements are met, neither the distributing corporation nor its shareholders ...
Like-kind exchange. A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset.
Nonrecognition provisions. According to section 1001 (c) of the Internal Revenue Code ( IRC § 1001 (c) ), all realized gains and losses must be recognized "except as otherwise provided in this subtitle." [1] While the general rule of recognition applies in most cases, there are actually several exceptions located throughout the Internal ...