What does the Internal Revenue Code (IRC) primarily govern?

The Internal Revenue Code (IRC) primarily governs taxation laws and regulations in the United States. It serves as the cornerstone of federal tax policy, detailing how various taxes are levied, collected, and managed, including income tax, corporate tax, estate tax, and many others. The provisions within the IRC establish the rules taxpayers must follow while also providing guidance on tax obligations, deductions, credits, and penalties.

The other options, while important in their respective fields, do not fall under the purview of the IRC. For instance, property laws and regulations are governed by different statutes and legal frameworks that dictate ownership rights and property transactions. Similarly, corporate governance deals with the mechanisms, processes, and relations by which corporations are controlled and directed, which is not a concern of the tax code. Intellectual property laws focus on the protection of inventions, trademarks, copyrights, and trade secrets, which also lies outside the scope of the IRC. Thus, taxation laws and regulations are the specific domain of the Internal Revenue Code.