No. Hey, guys. So this video we'll talk a little bit about the Internal Revenue Code and its origins. As you guys probably know, the US federal tax laws are all laws. They're all part of what's called a system of the United States Code of Federal laws. If you do a little research, and look up the United States Code, you'll find that there's a whole host of titles within the United States Code, and one of them is actually Title 26. And that is what we refer to as the Internal Revenue Code. So think of the Internal Revenue Code as a very large book of laws, specifically tax laws. Sometimes those laws are also called statutes, by the way. And these are all the rules, the laws, the statutes that US Congress enacted. They enacted those rules because the US tax system obviously needs some structure in order for taxpayers to comply and authorities like the Internal Revenue Service to administer and enforce those laws. One other point is that if you look into the Internal Revenue Code, you'll find that it doesn't address anything in terms of sub national taxes at the United States level. So states and cities and counties, they all have their own tax systems, believe it or not. What's important, though, is, and this will become more evident when we start going into state and local taxes in the coming weeks. But most of the states and localities model their tax systems with many references back to the Internal Revenue Code. So having a general understanding of the Internal Revenue Code is not just important to be a practitioner for US federal taxes, but it's also very important as a state and local tax practitioner to understand the Internal Revenue Code because many of the states and localities under the states make use of the Internal Revenue Code as well. Just to give a little context of how the Internal Revenue Code came to be, and this is just for context. It's not anything that is necessarily all that important in terms of tax research, but the US Constitution, which really governs how this country should be run, was amended in 1913 under the 16th Amendment to give Congress the ability to impose taxes. The famous line in that 16th Amendment is that Congress has the power to lay and collect taxes on incomes from whatever source derived. And that's why if you have a US citizen, he or she will be taxed on 100% of their income under the US federal income tax. If you have a US corporation or a US limited partnership, an LLC, they are generally subject to tax on 100% of their income from whatever source derived, simply because they are a US formed legal entity. Um, After that constitutional amendment, the United States Congress, and if you know anything about Congress, you know, there's sort of two houses, right? One is the House of Representatives and the other is the Senate. Congress started imposing a US national federal income tax, which is really the focus of our course. Understand that there are actually different types of federal taxes as well. And if you explore the Internal Revenue Code, you'll find there are different subtitles and parts that actually address different types of federal taxes, but the focus here will be federal income taxes. I think the most important part of, you know, this history was that in 1954, the Internal Revenue Code was restructured and numbered and arranged in a way that really resembles what the Internal Revenue Code is today. Um, And so during your tax research, you may find references, particularly some old documents that may reference the Internal Revenue Code as of 1954. You may also find a number of documents that actually make reference, I would say quite a bit of documents that make reference to the Internal Revenue Code of 1986, because that was the year of the Tax Reform Act of 1986, and it's just known as a significant year where there was very significant federal tax legislation. So 1954 is a common year to see reference, as is 1986. And more recently, the big year is the Tax Cuts and Jobs Act of 2017. And those TCJA provisions, as they're referred to by acronym Tax Cuts and Jobs Act, those provisions are still in effect now. They're scheduled to expire, however, at the end of this year, 2025. And you'll routinely find that there's news and media alerts about TCJA and whether it might be extended or new tax changes to be considered on top of TCJ extenders. So this will be, as I told you guys, a very interesting year in terms of tax legislation, and that's primarily because TCJA of 2017 is scheduled to expire at the end of this year, 2025. So with that, I just wanted to give you an overview of how the Internal Revenue Code came into play, where we are now, and now we'll talk a little bit about the process of how tax law changes come into effect in this legislative process.