Question

1. Name three ways to identity which part of the Internal Revenue Code is relevant in a research project.

Answer 1

Internal revenue code is a part of the federal statutory tax law.

Internal revenue code has 9834 sections with subtitles.

Following are the ways to identify the part of Internal Revenue Code which is relevant in a research project. :

1) all the sections of the IRC should be read along with their subtitles. The subtitles will clearly reflect about the topics they are dealt with. Section 21 to 51 with title ' credits (refundable and non refundable)' when read with their subtitles, it is clear that section 41 contained in subpart D, entitled as " Credit for increasing research activities" is relevant with the research projects. This way various parts and what they actually contain can be easily identified.

2) Section 174 of IRC also deals with amortization of research and experimental expenditures.

3) These sections 41 and section 174 again contains subparts. And each part of a section is dealing with a special rule from the other. Going through the sub parts will help to clarify the relevant information regarding research projects.

So here we saw ways to know which part of IRC is relevant in a research project.