- 12 -
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
Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 NextLast modified: May 25, 2011