- 29 -
See Staff of Joint Comm. on Taxation, General Explanation of the
Deficit Reduction Act of 1984, at 260 (J. Comm. Print 1984).
Rev. Proc. 92-29 provides a limited exception to section
461(h), and anything not specifically within the provisions of
Rev. Proc. 92-29 would generally be governed by the economic
performance rule of section 461(h). Rules of statutory
construction suggest that if a statute (or other authority)
specifies exceptions to a statute’s general application, other
exceptions not explicitly mentioned should not be implied. See
United States v. Lande, 968 F.2d 907, 910 (9th Cir. 1992).
We conclude that under Rev. Proc. 92-29, VRI may not include
estimated interest expense in the calculation of estimated
construction costs to be allocated to the bases in the lots VRI
sold in 1994.
To reflect the foregoing,
Decisions will be entered
under Rule 155.
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