- 4 -- 4 - Dillon v. Commissioner, T.C. Memo. 1993-239, affd. per curiam without published opinion 12 F.3d 1227 (8th Cir. 1994); Jones v. Commissioner, T.C. Memo. 1980-512, affd. without published opinion 676 F.2d 710 (9th Cir. 1982); see also Romann v. Commissioner, 111 T.C. (1998). It also should be noted that these are legislative regulations issued pursuant to a specific congressional delegation to the Secretary and, as such, are entitled to greater deference than an interpretive regulation promulgated under the general rulemaking power vested in the Secretary by section 7805(a). Peterson Marital Trust v. Commissioner, 102 T.C. 790, 797 (1994), affd. 78 F.3d 795 (2d Cir. 1996). We accord such regulations the highest level of judicial deference; viz, we are not to invalidate the regulations unless they are arbitrary, capricious, or manifestly contrary to the statute. Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837, 843-844 (1984); see also Ahmetovic v. INS, 62 F.3d 48, 51 (2d Cir. 1995). The regulations need not be the only, or even the best, construction of section 7476. See Atlantic Mut. Ins. Co. v. Commissioner, 523 U.S. ___, 118 S. Ct. 1413, 1418 (1998). The Supreme Court has stated that a reviewing court need not conclude that the agency construction was the only one it permissibly could have adopted to uphold the construction, or even the reading the court would have reached if the question initially had arisen in a judicial proceeding. [Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc., supra at 843 n.11; citations omitted.]Page: Previous 1 2 3 4 5 Next
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