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Internal Revenue Code of 1986

The main body of federal tax law in the United States, updated periodically.

Source rules

Regulations that determine whether income is considered to originate from within the U.S. or from a foreign country/territory for tax purposes.

Personal property sales

Income earned from selling movable goods or assets, such as inventory, equipment, or stocks, as opposed to real estate.

U.S. possessions

Areas like Guam, American Samoa, the Northern Mariana Islands, and the U.S. Virgin Islands that are under U.S. jurisdiction but are not part of the 50 states.

Taxable years

The annual accounting period (typically January 1 to December 31 for individuals) for which income tax is calculated and reported.

Section 931

A section of the tax code dealing with special tax rules for residents of Guam, American Samoa, or the Northern Mariana Islands.

Section 932

A section of the tax code concerning the coordination of U.S. and U.S. Virgin Islands income taxes, often mirroring U.S. tax law in the Virgin Islands.