Stephen and Ann Schwalbach - Page 12

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          changed to September 3, 1992, at 10 a.m., in room 2615, Internal            
          Revenue Service Building, 1111 Constitution Avenue, N.W.,                   
          Washington, D.C.  57 Fed. Reg. 23356 (June 3, 1992).  As is true            
          in the case of section 1.469-2(f)(6), Income Tax Regs., the fact            
          that section 1.469-4(a), Income Tax Regs, was prescribed by the             
          Commissioner pursuant in part to the specific grant of authority            
          stated in section 469(l), and that section 1.469-4(a), Income Tax           
          Regs., contains substantive rules that are legislative in                   
          character, means that the promulgation of section 1.469-4(a),               
          Income Tax Regs., is not excepted from the notice and comment               
          requirements of the APA, 5 U.S.C. sec. 553(b) and (c) (1994).               
          See Chevron, U.S.A., Inc. v. Natural Resources Defense Council,             
          Inc., 467 U.S. at 843-844; Bankers Life & Cas. Co. v. United                
          States, 142 F.3d at 978-979; Water Quality Association Employees'           
          Benefit Corp. v. United States, 795 F.2d at 1305; Wing v.                   
          Commissioner, 81 T.C. at 28; see also Schaefer v. Commissioner,             
          105 T.C. at 229-231 (sec. 1.469-2T(c)(7)(iv), Temporary Income              
          Tax Regs., 53 Fed. Reg. 5716, is a legislative regulation because           
          it was issued under the specific grant of authority contained in            
          sec. 469(l)(2)).                                                            
               Section 469, the section of the Code to which sections                 
          1.469-2(f)(6) and 1.469-4(a), Income Tax Regs., relate, was                 
          enacted by Congress as part of the Tax Reform Act of 1986 (TRA),            
          Pub. L. 99-514, sec. 501(a), 100 Stat. 2085, 2233, in response to           
          congressional concern that certain categories of taxpayers were             



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