U.S. Tax Law: Internal Revenue Code
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U.S. Tax Law
Internal Revenue Code

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USC Title 26 enacted through 2008

§ 4121. Imposition of tax

Tax imposed
In general
There is hereby imposed on coal from mines located in the United States sold by the producer, a tax equal to the rate per ton determined under subsection (b).
Limitation on tax
The amount of the tax imposed by paragraph (1) with respect to a ton of coal shall not exceed the applicable percentage (determined under subsection (b)) of the price at which such ton of coal is sold by the producer.
Determination of rates and limitation on tax
For purposes of subsection (a) -
the rate of tax on coal from underground mines shall be $1.10,
the rate of tax on coal from surface mines shall be $.55, and
the applicable percentage shall be 4.4 percent.
Tax not to apply to lignite
The tax imposed by subsection (a) shall not apply in the case of lignite.
For purposes of this subchapter -
Coal from surface mines
Coal shall be treated as produced from a surface mine if all of the geological matter above the coal being mined is removed before the coal is extracted from the earth. Coal extracted by auger shall be treated as coal from a surface mine.
Coal from underground mines
Coal shall be treated as produced from an underground mine if it is not produced from a surface mine.
United States
The term "United States" has the meaning given to it by paragraph (1) of section 638.
The term "ton" means 2,000 pounds.
Reduction in amount of tax
In general
Effective with respect to sales after the temporary increase termination date, subsection (b) shall be applied -
by substituting "$.50" for "$1.10",
by substituting "$.25" for "$.55", and
by substituting "2 percent" for "4.4 percent".
Temporary increase termination date
For purposes of paragraph (1), the temporary increase termination date is the earlier of -
December 31, 2018, or
the first December 31 after 2007 as of which there is -
no balance of repayable advances made to the Black Lung Disability Trust Fund, and
no unpaid interest on such advances.

Tax Code (Internal Revenue Code) Section Index

U.S. GAAP by Codification Topic
105 GAAP Hierarchy
105 GAAP History

205 Presentation of Financial Statements
205-20 Discontinued Operations
210 Balance Sheet
210-20 Offsetting
220 Comprehensive Income
225 Income Statement
225-20 Extraordinary and Unusual Items
230 Statement of Cash Flows
250 Accounting Changes and Error Corrections
260 Earnings per Share
270 Interim Reporting

310 Impairment of a Loan
320 Investment Securities
320 Other-Than-Temporary Impairments, FSP FAS 115-2
320-10-05 Overview of Investments in Other Entities
320-10-35 Reclassification of Investments in Securities
323-10 Equity Method Investments
323-30 Investments in Partnerships and Joint Ventures
325-20 Cost Method Investments
330 Inventory

340-20 Capitalized Advertising Costs
350-20 Goodwill
350-30 Intangibles Other than Goodwill
350-40 Internal-Use Software
350-50 Website Development Costs
360 Property, Plant and Equipment
360-20 Real Estate Sales

410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
450 Contingencies
450-20 Loss Contingencies
450-30 Gain Contingencies
480 Redeemable Financial Instruments

505-20 Stock Dividends, Stock Splits
505-30 Treasury Stock

605 SEC Staff Accounting Bulletin, Topic 13
605-25 Revenue Recognition - Multiple Element Arrangements

715-30 Defined Benefit Plans - Pension
718 Share-Based Payment
730 Research and Development
730-20 Research and Development Arrangements

805 Business Combinations
810 Consolidation
810 Noncontrolling Interests
810 Consolidation of Variable Interest Entities, SFAS 167

815 Derivatives and Hedging Overview

820 Fair Value Measurements
820 Fair value when the markets are not active, FSP FAS 157-4
825 Fair Value Option

830 Foreign Currency Matters
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest
835-20 Capitalization of Interest
835-30 Imputation of Interest

840 Leases
840-20 Operating Leases
840-30 Capital Leases
840-40 Sale-Leaseback Transactions
845 Nonmonetary Transactions

855 Subsequent Events
860-20 Sale of Financial Assets, SFAS 166
860-50 Servicing Assets and Liabilities, SFAS 156

985-20 Costs of software to be sold

U.S. GAAP Codification
Accounting Topics
Tax Code (Internal Revenue Code) Section Index

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