The U.S. Joint Committee on Taxation has published an Overview of the Federal Tax System as in Effect for 2019. The document includes a high-level summary of the present-law federal tax system for:
- Individual income tax;
- Corporate income tax;
- Estate, gift, and generation-skipping transfer taxes;
- Social insurance taxes; and
- Major excise taxes.
With respect to corporate income tax, the overview covers taxable income, tax liability, affiliated groups, treatment of corporate distributions, and…