-15-
object. Freedman v. Commissioner, 71 T.C. 564 (1979); see, e.g.,
Loftus v. Commissioner, 90 T.C. 845, 861 (1988), affd. without
published opinion 872 F.2d 1021 (2d Cir. 1989). This is true of
Federal courts generally, and not merely because of some special
characteristic of this Court. Bender v. Williamsport Area School
Dist., 475 U.S. 534, 541 (1986).
Thirdly, a legislative regulation, which is issued pursuant
to a specific congressional grant of authority to the Secretary
of the Treasury, is entitled to greater deference than an
interpretive regulation, which is promulgated under the general
rulemaking power vested in the Secretary by section 7805(a).
Peterson Marital Trust v. Commissioner, 102 T.C. 790, 797-798
(1994), (and cases cited therein), affd. 78 F.3d 795, 798 (2d
Cir. 1996). Section 1.7476-1(b), Income Tax Regs. (relating to
interested parties), has been promulgated under the specific
instruction in section 7476(b)(1) that a person who wishes to be
an employee party-petitioner in a section 7476 declaratory
judgment proceeding must be one “who has qualified under
regulations prescribed by the Secretary as an interested party
for purposes of pursuing administrative remedies within the
Internal Revenue Service”. Accordingly, this regulation is a
legislative regulation. To be valid, section 1.7476-1(b), Income
Tax Regs., need not be the only, or even the best, construction
of section 7476(b)(1). See Atlantic Mutual Ins. Co. v.
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