What does the Internal Revenue Code (IRC) regulate?

The Internal Revenue Code (IRC) is the comprehensive federal tax law in the United States. It provides the framework for federal taxation, detailing how taxes are to be assessed, collected, and enforced at the federal level. This includes various forms of taxation such as income tax, corporate tax, estate tax, gift tax, and excise taxes. The IRC also establishes the policies and procedures that govern the administration of these taxes, making it an essential part of federal tax law and income tax policy. Its primary purpose is to ensure compliance with federal tax obligations and to provide guidelines for both taxpayers and the Internal Revenue Service (IRS) in their roles within the tax system.

The other options refer to areas that fall outside the jurisdiction of the IRC. Postal regulations pertain to the postal service and its operations, state laws are concerned with taxation at the state level and are governed by state legislatures, and international trade is generally governed by different statutes and agreements, not specifically covered by the IRC. Thus, the focus of the IRC is clearly on federal tax law and income tax policy, which underlies why this answer is correct.