Research Tax Assignment

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Texas A&M University, Texarkana *

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Accounting

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Apr 3, 2024

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Lydia Oviedo ACCT324 Research Tax Assignment 1. What topic is covered in the following portions of the Internal Revenue Code? a. Subtitle F, Chapter 61, Subchapter A. The topic covered is Returns and Records. b. Subtitle C, Chapter 21, Subchapter A, Section 3102 The topic covered is the Deduction of tax from wages. c. Subtitle H, chapter 95. The topic covered is the presidential election campaign fund . d. Subtitle A, Chapter 1, Subchapter E, Part II, Subpart C The topic covered is the taxable year for which deductions are taken . 2. What is the official name of P.L. 99-514? When did this act become law? How did you find these answers? The official name is “Tax Reform Act of 1986”, and it was signed into law on October 22, 1986. I found this answer by doing a Google search of P.L. 99-514 and the information can be easily found on the website of the U.S. Department of Labor, which is a reliable source. 3. Use the CCH online tax service to answer the following questions. a. What is the general content of Internal Revenue Code § 62? The general content is “Adjusted Gross Income (AGI) for individual taxpayers”. Things like the definition of AGI, deductions to arrive at AGI, exclusions from AGI, calculating AGI for specific taxpayers, treatments of various types of income, and coordination with other provisions are shown in the content.

b. What is the general content of Internal Revenue Code § 163? This section deals with the deduction of interest expenses for income tax purposes. The general rule states: “There shall be allowed as a deduction all interest paid or accrued within the taxable year on indebtedness.” (CCH) c. What is the general content of Internal Revenue Code § 212? This section deals with the deductions incurred for the production of income. This section states “there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year for the production of income, for the management of property held for the production of income, or in connection with the determination, collection, or refund of any tax”. (CCH) d. What is the general content of Internal Revenue Code § 1396? The general content of this section states that the empowerment zone employment credit for an employer in a taxable year is a percentage of the qualified zone wages paid or incurred in the same calendar year. Where for purposes of the section, “the applicable percentage is 20 percent.” (CCH) 4. When was each of the following code sections enacted? State how you obtained this information. a. § 843. March 13th, 1956. I obtained this information under the government information website where at the end of the section, it states when it was added. b. § 469. It was enacted as part of the Tax Reform Act of 1986, on October 22 nd . I found this information on the IRS website.

5. How do you “cite” or reference the Internal Revenue Code ? To cite it you abbreviate “Internal Revenue Code” and provide the section number. For example, I. R. C. § 843.

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REFERENCES Internal Revenue Code §62 . AnswerConnect. (n.d.). https://answerconnect-cch- com.tamut.idm.oclc.org/federal/arp1209013e2c83dc4202/irc/current/adjusted-gross- income-defined?searchId=2056974723&disableHighlight=false Internal Revenue Code §163 . AnswerConnect. (n.d.). https://answerconnect-cch- com.tamut.idm.oclc.org/federal/arp1209013e2c83dc4418/irc/current/interest? searchId=2056970807&disableHighlight=false Internal Revenue Code §212 . AnswerConnect. (n.d.). https://answerconnect-cch- com.tamut.idm.oclc.org/federal/arp1209013e2c83dc494b/irc/current/expenses-for- production-of-income?searchId=2056975003&disableHighlight=false Internal Revenue Code §1396 . AnswerConnect. (n.d.). https://answerconnect-cch- com.tamut.idm.oclc.org/federal/arp1209013e2c83dc6769/irc/current/empowerment-zone- employment-credit?searchId=2056975311&disableHighlight=false Legal Information Institute. (n.d.). 26 U.S. Code § 469 - passive activity losses and credits limited . Legal Information Institute. https://www.law.cornell.edu/uscode/text/26/469

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