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Internal Revenue Code of 1986

The official compilation of all federal tax laws in the United States.

Capital Assets

Property owned for personal use or investment (like stocks, bonds, or real estate), which, when sold, results in capital gains or losses subject to specific tax rules.

Capital Loss Carryover

The ability to use investment losses that exceed investment gains in one tax year to reduce capital gains in future tax years.

Evidence of Indebtedness

A document that proves a debt exists, such as a note, bond, or debenture.

Applicable Insurance Company

A specific type of insurance company defined by the bill that qualifies for its tax changes; generally refers to most larger domestic insurers, excluding certain small, specialized, or foreign ones.

Taxable Year

The annual accounting period used by an individual or organization for calculating income taxes, usually the calendar year or a fiscal year.

Face-Amount Certificate Company

A type of investment company that issues debt securities (certificates) promising to pay a fixed sum at a future date in exchange for periodic payments or a lump sum.