May 17, 2013 11:45 am

New Acting IRS Commissioner

Treasury Secretary Lew has named a new acting IRS commissioner to replace Steven Miller, the acting commissioner who resigned amidst ongoing IRS improprieties now under investigation. Daniel Werfel, who had been serving as controller of the Office of Management and Budget (OMB), will be the acting commissioner until a commissioner is named.

The commissioner of Internal Revenue is the chief executive officer for the IRS. The commissioner is nominated by the president of the United States and confirmed by the Senate for a 5-year term, and may be reappointed to more than 1 term. The last IRS commissioner was Douglas Shulman, whose term ended in November 2012.

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Tax Glossary

Capital gain or loss

The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.

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