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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 for
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