Stephen and Ann Schwalbach - Page 11

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          two previous sets of proposed regulations which the Commissioner            
          issued to define the word "activity".  With respect to both sets            
          of proposed regulations, the Commissioner issued a notice of                
          proposed rulemaking that set forth (either in the document or by            
          cross-reference to another document) the substance of the                   
          proposed regulations, including the subjects, issues, and rules             
          involved, and invited written comments and requests for a public            
          hearing.3  54 Fed. Reg. 20606 (May 12, 1989) (first set of                  
          proposed regulations); 57 Fed. Reg. 20802 (May 15, 1992) (second            
          set of proposed regulations).  The notice of proposed rulemaking            
          on the first set of proposed regulations stated that a public               
          hearing would be held, upon the request of any commentator, at a            
          time and place to be published in the Federal Register.  54 Fed.            
          Reg. 20606-20607.  The notice of proposed rulemaking on the                 
          second set of proposed regulations referenced a separate document           
          that stated that the Commissioner was holding a hearing on the              
          proposed regulations on July 24, 1992, at 1:30 p.m., in room                
          7400, Internal Revenue Service Building, 1111 Constitution                  
          Avenue, N.W., Washington, D.C.  57 Fed. Reg. 20805.  On June 15,            
          1992, the Commissioner announced that the hearing had been                  

               3 When the Commissioner issued the notice of proposed                  
          rulemaking on the first set of proposed regulations, he also                
          issued temporary regulations defining the word "activity".  See             
          sec. 1.469-4T, Temporary Income Tax Regs., 54 Fed. Reg. 20527,              
          20542 (May 12, 1989).  The text of the temporary regulations                
          served as the text of the proposed regulations.  54 Fed. Reg.               
          20527, 20606.                                                               

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