- 15 - 10734. The 1991 proposed regulations took the same position with respect to ERISA section 404(c). The 1991 proposed regulations noted that “There is no provision in the Internal Revenue Code corresponding to section 404”. Id. at 10734. Proposed regulations are not authoritative. On the other hand, “proposed regulations can be useful as guidelines where they closely follow the legislative history of the act.” Van Wyk v. Commissioner, 113 T.C. 440, 444 (1999). Petitioner contends that since the Department of Labor failed to issue final regulations until 1992, the exception to the definition of a fiduciary provided by ERISA section 404(c), 29 U.S.C. section 1104(c), should apply throughout ERISA including the tax provisions. Because the Department of Labor failed to issue final regulations on this point until 1992, petitioner contends that respondent is not in a position to argue that separate definitions of a fiduciary apply for the two titles. However, the absence of final regulations does not render the provisions of section 4975 inoperative. Cf. Occidental Petroleum Corp. v. Commissioner, 82 T.C. 819, 829 (1984). II. Additions to Tax Under Section 6651(a)(1) The parties agree that, if petitioner is liable for the excise taxes under section 4975, excise tax returns should have been filed. Section 6651(a) imposes an addition to tax forPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
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