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5 U.S.C. sec. 553(b) and (c) (1994). The notice and comment
requirements of the APA provide:
(b) General notice of proposed rule making shall
be published in the Federal Register * * *. The notice
shall include--
(1) a statement of the time, place, and
nature of public rule making proceedings;
(2) reference to the legal authority
under which the rule is proposed; and
(3) either the terms or substance of the
proposed rule or a description of the
subjects and issues involved.
Except when notice or hearing is required by statute,
this subsection does not apply--
(A) to interpretative rules, general
statements of policy, or rules of agency
organization, procedure, or practice; or
(B) when the agency for good cause finds
(and incorporates the finding and a brief
statement of reasons therefor in the rules
issued) that notice and public procedure
thereon are impracticable, unnecessary, or
contrary to the public interest.
(c) After notice required by this section, the
agency shall give interested persons an opportunity to
participate in the rule making through submission of
written data, views, or arguments with or without
opportunity for oral presentation. After consideration
of the relevant matter presented, the agency shall
incorporate in the rules adopted a concise general
statement of their basis and purpose. * * * [5 U.S.C.
sec. 553(b) and (c).]
We disagree with petitioners' assertion that sections
1.469-2(f)(6) and 1.469-4(a), Income Tax Regs., are invalid when
applied to a material participant of an activity conducted by a
C corporation. Section 1.469-2(f)(6), Income Tax Regs., was
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Last modified: May 25, 2011