How to obtain source information from IRS directly?

[kwyp]

Below two information are obtained by google search.

However, I would like to know how to obtain the source of information from IRS directly? 

This IRS link looks weird and informal. Is there any other way to find out a IRS link with better and detail information?  https://www.irs.gov/pub/irs-regs/ia2694.txt

1.) Section 1202 allows a taxpayer (other than a corporation) to exclude 50 percent of certain gain from the sale of qualified small business stock held for more than 5 years.

2.) Section 1202 of the Internal Revenue Code allows business sellers to avoid paying federal taxes on up to 100% of the capital gains recognized on the sale of QSBS.

[sjrcpa]

Go to irs.gov and search.

[BobKamman]

That's an IRS link, to a proposed Treasury regulation, picked up directly from the Government Publishing Office.  Meanwhile, the Regulation became final in June, and IRS hasn't updated the link.  Here's the final version, which explains how comments to the proposed version were considered:

https://www.federalregister.gov/documents/2024/06/25/2024-13331/increased-amounts-of-credit-or-deduc... 

 Different people at IRS link different stuff to the IRS website, especially when it comes from outside sources.  Although the IRS Deputy Commissioner signed off on the Regulation, it also had to be approved by the Acting Assistant Secretary of the Treasury (Tax Policy).  

Looking for Treasury Regulations on the IRS website is like looking for Tax Court or District Court opinions there.  Not their job, to keep it current and comprehensive.  

[Terry53029]

Try this link: https://www.law.cornell.edu/uscode/text/26/1202

[TaxPandaCPA · Accepted solution]

Hello, sharing the portal link: https://www.irs.gov/publications

hope it helps. Secondary sources are a step removed from primary sources; the publications provided by the IRS are primary resources. You can download the PDF version or contact the number below to have the IRS mail you a complimentary hard copy.

1. Internal Revenue Code (IRC) - Section 1202:

• Location: You can find the text of Section 1202 in the official Internal Revenue Code. The full text is available on the IRS website or through legal databases such as the Legal Information Institute at Cornell Law School.
• Link: Internal Revenue Code Section 1202

2. IRS Publications:

• While the IRS doesn’t publish a document solely dedicated to Section 1202, relevant information may be included in broader IRS publications concerning small businesses, capital gains, and investment income.
• Relevant Publications:
  • Publication 550: Investment Income and Expenses
  • Publication 541: Partnerships (which may include information relevant to small businesses and QSBS)
• Link to Publications: IRS Forms & Publications

3. IRS Instructions for Schedule D (Form 1040):

• Instructions for Schedule D, which deals with Capital Gains and Losses, may include details on how to report gains excluded under Section 1202.
• Link: Instructions for Schedule D

4. IRS Private Letter Rulings and Revenue Rulings:

• The IRS occasionally issues private letter rulings or revenue rulings that provide guidance on specific tax issues, including Section 1202. These can be searched on the IRS website or through tax research databases.

By reviewing these sources, you should be able to locate authoritative information on Section 1202 and how it applies to QSBS.

To request a hard copy of an IRS publication, you can follow these steps:

By Phone:

1. Call the IRS at their toll-free number: 1-800-829-3676 (1-800-TAX-FORM).
2. Follow the prompts to request the specific publication you need.
3. Provide your mailing address to receive the publication by mail. The IRS will mail the publication to you for free.

Online (for some publications):

1. Visit the IRS Publications Page: IRS Publications.
2. Search for the publication you need.
3. If available, there may be an option to order a hard copy directly

Best of luck!

[qbteachmt]

There are many levels to this legal stuff.

The congress proposes Bills. If they all pass it and it gets signed by the President, it becomes a Law. The IRS has rule making authority to figure out how to implement stuff, so they have Code of Federal Regulations. The Government has a lot of notification requirements, so you see this as disclosures, notifications, and the IRS issues Publications, and Instructions, especially for Forms. There also are Tax Topics, which are directed more to the "man on the street" and not full of the glossary and terms used in the regulations (not full, but there still is a lot).

And that's why you see the same subject in various perspectives.

And right now, for instance, many of the things that were recently updated or introduced during the pandemic years are just starting to kick in (take effect). The IRS will "issue guidance" and sometimes, they are taken to court and lose a ruling, and have to start over with how they thought they would implement some new law.

And now, when you read articles or IRS materials, you also need to pay attention to dates. A Pub from tax year 2021 might not apply to 2024.

My father always pointed out this is Tax Practice, because no one gets it Perfect.

[kwyp]

Thank you for the great contibution!

I did find section 1202 QSBS tax exclusion at page 8 on SchD instructions (form 1040).

I have to give up the screenshot here due to an attachment is very difficult to add with this post.