John F. Romann - Page 16

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          Commissioner, 523 U.S. ___, 118 S. Ct. 1413, 1418 (Apr. 21,                 
          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., 467 U.S. 837, 843 n.11 (1984);                  
               citations omitted.]                                                    
               We proceed to consider first whether petitioner qualifies as           
          an interested party under section 1.7476-1(b)(4), Income Tax                
          Regs., relating to collectively bargained plans.  If petitioner             
          does not so qualify, we then consider whether section 1.7476-               
          1(b)(5), Income Tax Regs., relating to plan terminations, applies           
          to the instant case in such a way as to enable petitioner to                
          qualify as an interested party.                                             
               (2) Collectively Bargained Plans                                       
               Section 1.7476-1(b), Income Tax Regs., provides the detailed           
          rules for determining who is “an employee who has qualified * * *           
          as an interested party”, within the meaning of section                      
          7476(b)(1).  Paragraph (b)(1) of the regulation provides the                
          general rule, “If paragraphs (b)(2), (3), (4), and (5) of this              
          section do not apply”.  Paragraph (b)(2) of the regulation                  
          supersedes paragraph (b)(1) in the case of certain plans covering           
          a principal owner.  Paragraph (b)(3) of the regulation supersedes           
          paragraphs (b)(1) and (2) in the case of certain plan amendments.           








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