- 10 - loans were made. We consider each of petitioner’s contentions separately. The Failure To Issue Final Regulations--Petitioner contends that the Government’s failure, for almost 15 years, to issue final or permanent regulations as mandated by Congress in section 7872(h)(1) was to petitioner’s detriment.4 That section contains the requirement that the Secretary prescribe regulations in several broad areas, including for the purpose of assuring that the positions of the borrower and lender are consistent as to the application (or nonapplication) of * * * [section 7872] and * * * exempting * * * transactions the interest arrangements of which have no significant effect on any Federal tax liability of the lender or the borrower. Sec. 7872(h)(1)(B) and (C). Petitioner contends that if final regulations had been promulgated, it would have been to its benefit. Petitioner, however, has not identified any particular benefit that would have been conferred, the substance of any regulations envisioned by petitioner, or the reason(s) for such regulations. The Commissioner, during 1985 and before the time the loans herein were made, published proposed regulations. See secs. 4 Petitioner’s argument is obscure in that no explanation is provided as to how the issuance of the final regulations would have provided a better situation for petitioner or changed the outcome of this case. It is more likely than not that respondent’s litigating position and regulation(s) would have been equivalents. Petitioner’s concern about the absence of final regulations is also less compelling where, as here, some guidance was provided by the issuance of proposed regulations.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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