Internal Revenue Code of 1954
On August 16, 1954, in connection with a general overhaul of the Internal Revenue Service, the IRC was greatly reorganized by the 83rd United States Congress and expanded (by Chapter 736, Pub.L. 83-591). Ward M. Hussey was the principal drafter of the Internal Revenue Code of 1954. The code was published in volume 68A of the United States Statutes at Large. To prevent confusion with the 1939 Code, the new version was thereafter referred to as the "Internal Revenue Code of 1954" and the prior version as the "Internal Revenue Code of 1939". The lettering and numbering of subtitles, sections, etc., was completely changed. For example, section 22 of the 1939 Code (defining gross income) was roughly analogous to section 61 of the 1954 Code. The 1954 Code replaced the 1939 Code as title 26 of the United States Code.
The 1954 Code temporarily extended the Revenue Act of 1951's 5 percentage point increase in corporate tax rates through March 31, 1955, increased depreciation deductions by providing additional depreciation schedules, and created a 4 percent dividend tax credit for individuals.
Read more about this topic: Internal Revenue Code
Famous quotes containing the words internal, revenue and/or code:
“A State, in idea, is the opposite of a Church. A State regards classes, and not individuals; and it estimates classes, not by internal merit, but external accidents, as property, birth, etc. But a church does the reverse of this, and disregards all external accidents, and looks at men as individual persons, allowing no gradations of ranks, but such as greater or less wisdom, learning, and holiness ought to confer. A Church is, therefore, in idea, the only pure democracy.”
—Samuel Taylor Coleridge (1772–1834)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“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)