Internal Revenue Service

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Internal Revenue Service

(IRS), division of the U.S. Treasury Dept. that is responsible for the assessment and collection of most federal taxes, except those relating to alcohol, tobacco, firearms, and explosives. Established in 1862, the IRS derives most of its revenues from the collection of corporate and individual income taxincome tax,
assessment levied upon individual or corporate incomes. Although personal incomes were occasionally taxed in medieval Italian cities, the income tax is essentially a modern form of taxation.
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References in periodicals archive ?
AIG) announced on December 29, 2011 that the United States Internal Revenue Service had ruled that the issuance of approximately 75 million warrants distributed on January 19, 2011, to AIG's common shareholders of record as of January 13, 2011, did not qualify as a tax free stock distribution.
Pacquiao believed the government should no longer run after him, citing documents from the United States Internal Revenue Service (IRS) that he paid $8.
NYSE: AIG) announced today that the United States Internal Revenue Service has ruled that the issuance of approximately 75 million warrants distributed on January 19, 2011, to AIG's common shareholders of record as of January 13, 2011, does not qualify as a tax free stock distribution.

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