-16-
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.
Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 NextLast modified: May 25, 2011