An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Internal Revenue Code of 1986

The main body of federal tax laws in the United States, which outlines how taxes are collected and what income is taxable.

Qualified disaster relief payments

Money received by individuals to cover personal, family, living, or funeral expenses caused by a disaster, or for certain property repairs, which is generally not subject to federal income tax.

Involuntary conversions

When property is destroyed, stolen, condemned, or disposed of due to circumstances outside the owner's control, and the owner receives money or other property in return. For tax purposes, this can sometimes allow for deferring taxes on gains if the proceeds are reinvested.

Taxable years

The accounting period, usually 12 months (often the calendar year for individuals), for which income and tax liabilities are calculated.

Subsidiary

A company that is owned or controlled by another larger company (its parent company).

Compensation

Money or other things received to make up for a loss, injury, or service, often intended to restore an individual or entity to their previous state.