U.S. Tax Law: Internal Revenue Code
U.S. GAAP Codification IFRS U.S. Tax Code

U.S. Tax Law
Internal Revenue Code

U.S. GAAP Codification U.S. Tax Code by Section
Financial Accounting Intermediate Accounting Advanced Accounting
IFRS-U.S. GAAP ComparisonSecurities Law Library




USC Title 26 enacted through 2008

§ 6334. Property exempt from levy

 
(a)
Enumeration
 
There shall be exempt from levy -
 
(1)
Wearing apparel and school books
 
Such items of wearing apparel and such school books as are necessary for the taxpayer or for members of his family;
 
(2)
Fuel, provisions, furniture, and personal effects
 
So much of the fuel, provisions, furniture, and personal effects in the taxpayer's household, and of the arms for personal use, livestock, and poultry of the taxpayer, as does not exceed $6,250 in value;
 
(3)
Books and tools of a trade, business, or profession
 
So many of the books and tools necessary for the trade, business, or profession of the taxpayer as do not exceed in the aggregate $3,125 in value.
 
(4)
Unemployment benefits
 
Any amount payable to an individual with respect to his unemployment (including any portion thereof payable with respect to dependents) under an unemployment compensation law of the United States, of any State, or of the District of Columbia or of the Commonwealth of Puerto Rico.
 
(5)
Undelivered mail
 
Mail, addressed to any person, which has not been delivered to the addressee.
 
(6)
Certain annuity and pension payments
 
Annuity or pension payments under the Railroad Retirement Act, benefits under the Railroad Unemployment Insurance Act, special pension payments received by a person whose name has been entered on the Army, Navy, Air Force, and Coast Guard Medal of Honor roll (38 U.S.C. 1562), and annuities based on retired or retainer pay under chapter 73 of title 10 of the United States Code.
 
(7)
Workmen's compensation
 
Any amount payable to an individual as workmen's compensation (including any portion thereof payable with respect to dependents) under a workmen's compensation law of the United States, any State, the District of Columbia, or the Commonwealth of Puerto Rico.
 
(8)
Judgments for support of minor children
 
If the taxpayer is required by judgment of a court of competent jurisdiction, entered prior to the date of levy, to contribute to the support of his minor children, so much of his salary, wages, or other income as is necessary to comply with such judgment.
 
(9)
Minimum exemption for wages, salary, and other income
 
Any amount payable to or received by an individual as wages or salary for personal services, or as income derived from other sources, during any period, to the extent that the total of such amounts payable to or received by him during such period does not exceed the applicable exempt amount determined under subsection (d).
 
(10)
Certain service-connected disability payments
 
Any amount payable to an individual as a service-connected (within the meaning of section 101(16) of title 38, United States Code) disability benefit under -
 
(A)
subchapter II, III, IV, V,,[FN 1] or VI of chapter 11 of such title 38, or
 
So in original.
 
(B)
chapter 13, 21, 23, 31, 32, 34, 35, 37, or 39 of such title 38.
 
(11)
Certain public assistance payments
 
Any amount payable to an individual as a recipient of public assistance under -
 
(A)
title IV or title XVI (relating to supplemental security income for the aged, blind, and disabled) of the Social Security Act, or
 
(B)
State or local government public assistance or public welfare programs for which eligibility is determined by a needs or income test.
 
(12)
Assistance under Job Training Partnership Act
 
Any amount payable to a participant under the Job Training Partnership Act (29 U.S.C. 1501 et seq.) from funds appropriated pursuant to such Act.
 
(13)
Residences exempt in small deficiency cases and principal residences and certain business assets exempt in absence of certain approval or jeopardy
 
(A)
Residences in small deficiency cases
 
If the amount of the levy does not exceed $5,000 -
 
(i)
any real property used as a residence by the taxpayer; or
 
(ii)
any real property of the taxpayer (other than real property which is rented) used by any other individual as a residence.
 
(B)
Principal residences and certain business assets
 
Except to the extent provided in subsection (e) -
 
(i)
the principal residence of the taxpayer (within the meaning of section 121); and
 
(ii)
tangible personal property or real property (other than real property which is rented) used in the trade or business of an individual taxpayer.
 
(b)
Appraisal
 
The officer seizing property of the type described in subsection (a) shall appraise and set aside to the owner the amount of such property declared to be exempt. If the taxpayer objects at the time of the seizure to the valuation fixed by the officer making the seizure, the Secretary shall summon three disinterested individuals who shall make the valuation.
 
(c)
No other property exempt
 
Notwithstanding any other law of the United States (including section 207 of the Social Security Act), no property or rights to property shall be exempt from levy other than the property specifically made exempt by subsection (a).
 
(d)
Exempt amount of wages, salary, or other income
 
(1)
Individuals on weekly basis
 
In the case of an individual who is paid or receives all of his wages, salary, and other income on a weekly basis, the amount of the wages, salary, and other income payable to or received by him during any week which is exempt from levy under subsection (a)(9) shall be the exempt amount.
 
(2)
Exempt amount
 
For purposes of paragraph (1), the term "exempt amount" means an amount equal to -
 
(A)
the sum of -
 
(i)
the standard deduction, and
 
(ii)
the aggregate amount of the deductions for personal exemptions allowed the taxpayer under section 151 in the taxable year in which such levy occurs, divided by
 
(B)
52.
 
Unless the taxpayer submits to the Secretary a written and properly verified statement specifying the facts necessary to determine the proper amount under subparagraph (A), subparagraph (A) shall be applied as if the taxpayer were a married individual filing a separate return with only 1 personal exemption.
 
(3)
Individuals on basis other than weekly
 
In the case of any individual not described in paragraph (1), the amount of the wages, salary, and other income payable to or received by him during any applicable pay period or other fiscal period (as determined under regulations prescribed by the Secretary) which is exempt from levy under subsection (a)(9) shall be an amount (determined under such regulations) which as nearly as possible will result in the same total exemption from levy for such individual over a period of time as he would have under paragraph (1) if (during such period of time) he were paid or received such wages, salary, and other income on a regular weekly basis.
 
(e)
Levy allowed on principal residences and certain business assets in certain circumstances
 
(1)
Principal residences
 
(A)
Approval required
 
A principal residence shall not be exempt from levy if a judge or magistrate of a district court of the United States approves (in writing) the levy of such residence.
 
(B)
Jurisdiction
 
The district courts of the United States shall have exclusive jurisdiction to approve a levy under subparagraph (A).
 
(2)
Certain business assets
 
Property (other than a principal residence) described in subsection (a)(13)(B) shall not be exempt from levy if -
 
(A)
a district director or assistant district director of the Internal Revenue Service personally approves (in writing) the levy of such property; or
 
(B)
the Secretary finds that the collection of tax is in jeopardy.
 
An official may not approve a levy under subparagraph (A) unless the official determines that the taxpayer's other assets subject to collection are insufficient to pay the amount due, together with expenses of the proceedings.
 
(f)
Levy allowed on certain specified payments
 
Any payment described in subparagraph (B) or (C) of section 6331(h)(2) shall not be exempt from levy if the Secretary approves the levy thereon under section 6331(h).
 
(g)
Inflation adjustment
 
(1)
In general
 
In the case of any calendar year beginning after 1999, each dollar amount referred to in paragraphs (2) and (3) of subsection (a) shall be increased by an amount equal to -
 
(A)
such dollar amount, multiplied by
 
(B)
the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, by substituting "calendar year 1998" for "calendar year 1992" in subparagraph (B) thereof.
 
(2)
Rounding
 
If any dollar amount after being increased under paragraph (1) is not a multiple of $10, such dollar amount shall be rounded to the nearest multiple of $10.








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




Disclaimer: Information on this page is provided for general understanding of tax concepts and rules only, not for the application in real tax situations. Seek advice from qualified professionals to address tax related questions.


Copyright © 2010 by CPAClass.com.TM  All Rights Reserved.
No copyright claimed on original U.S. Government works.