Glossary · from the published chapter summaries
Start with your question
Tax Decisions, Explained.
- Do you owe tax when you sell your home?
- Which business expenses can you deduct?
- Can a 1031 exchange defer tax on a property sale?
- Can rental losses reduce your other taxable income?
- Who can claim the qualified business income deduction?
- What is the tax basis of inherited property?
- Can you deduct the full cost of business equipment?
- When does a wash sale prevent a stock-loss deduction?
- What records support business travel and vehicle deductions?
- Which college expenses qualify for education tax credits?
Internal Revenue Code, As The Guide Treats It
These entries exist only where a published chapter summary discusses the section in its own words. 30 of 149 authorities qualify. The remaining 119 stay on the Table of Authorities, linked to their principal chapter — not as empty stubs.
Chapter 2: Gross Income — The Starting Point
Chapter 3: Deductions — Reducing The Tax Base
- IRC §162Business Deductions. Business Deductions Under Section 162 — The foundational business-expense statute requires expenses to be ordinary, necessary, paid or incur…
- IRC §179Section 179 and Bonus Depreciation. Section 179 and Bonus Depreciation — Two mechanisms for immediately expensing the cost of qualifying business property
- IRC §62Above-the-Line Deductions. Above-the-Line Deductions — Section 62 deductions subtracted from gross income to arrive at AGI, available regardless of itemizing
Chapter 4: Credits — Direct Offsets To Tax
- IRC §21Child and Dependent Care Credit. Child and Dependent Care Credit (Section 21) — A nonrefundable credit for care expenses that enable the taxpayer to work, with rates from 20…
- IRC §24The Child Tax Credit. The Child Tax Credit (Section 24) — A $2,200 per-child credit under OBBBA, partially refundable through the Additional Child Tax Credit, pha…
- IRC §25AEducation credits. Lifetime Learning Credit (Section 25A) — Nonrefundable credit of up to $2,000 per return, available for any level of post-secondary educatio…
- IRC §25BSaver's Credit. Saver's Credit (Section 25B) — Nonrefundable credit of 10 to 50 percent of retirement contributions for lower-income taxpayers.
- IRC §25CEnergy Efficient Home Improvement Credit. Energy Efficient Home Improvement Credit (Section 25C) — 30 percent credit for qualifying improvements, terminated after December 31, 2025.
- IRC §25DResidential Clean Energy Credit. Residential Clean Energy Credit (Section 25D) — 30 percent credit for solar, geothermal, and similar property, terminated after December 31,…
- IRC §30DClean Vehicle Credits. Clean Vehicle Credits (Sections 30D and 25E) — Credits up to $7,500 (new) and $4,000 (used) for clean vehicles, terminated after September 3…
- IRC §32Earned Income Tax Credit. Earned Income Tax Credit (Section 32) — Fully refundable, means-tested credit that is the largest cash transfer program administered through…
- IRC §901Foreign Tax Credit. Foreign Tax Credit (Section 901) — Prevents double taxation of foreign-source income by crediting foreign income taxes against U.S. liabilit…
Chapter 5: Timing And Recognition — When Tax Consequences Attach
- IRC §453The Installment Mechanics. The Installment Mechanics — Section 453 spreads gain recognition across the period payments are received Installment Sales — Section 453 spr…
- IRC §481Section 481 Adjustments. Section 481 Adjustments — A cumulative catch-up adjustment prevents duplication or omission of items when a taxpayer changes accounting meth…
Chapter 8: The Planning Imperative
Chapter 9: Entity Selection And Restructuring
Chapter 10: Compensation, Benefits, And Strategic Wealth Accumulation
Chapter 12: Real Estate — The Tax-Advantaged Engine Of American Prosperity
- IRC §1014Section 1014 step-up. Stepped-up basis at death — Under Section 1014, property inherited from a decedent receives a basis equal to fair market value at death, era…
- IRC §1031The Mechanics of Deferral. The Section 1031 Consideration — Entity structure determines taxpayer identity and affects exchange eligibility Qualified intermediary — An …
- IRC §121IRC §121. The Exclusion — Section 121 excludes up to $250,000 or $500,000 of gain on a principal residence sale
- IRC §1250Unrecaptured Section 1250 gain. Unrecaptured Section 1250 gain — the portion of real estate gain attributable to prior straight-line depreciation, taxed at a maximum 25% ra…
- IRC §199AQualified business income deduction. QBI Deduction — Section 199A — A deduction of up to 20 percent of qualified business income from pass-through entities, subject to SSTB and …
- IRC §469Passive activity loss rules. Passive activity loss rules — Section 469 limits rental losses to offsetting only passive income, regardless of the owner's level of partici…
Chapter 13: Investment And Capital Gains Planning
Chapter 18: IRS Examination — The Mechanics Of Defense
- IRC §274Section 274(d) substantiation. Section 274(d) substantiation — Heightened, contemporaneous recordkeeping required for travel, meals, gifts, and listed property. Section 27…
- IRC §7525Section 7525 privilege. Section 7525 privilege — Federal tax advice confidentiality protection extending to all Circular 230 practitioners in non-criminal IRS proce…
- IRC §7602Summons (Form 2039). Summons (Form 2039) — A compulsory legal instrument under Section 7602 requiring appearance and production of documents or testimony under o…
Chapter 21: Collections — The Enforcement Arm
Chapter 24: Cryptocurrency And The GENIUS Act
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