@Carl wrote:
Also, Proposed Regulations section 1.280A-3(d)(3)] is just that; a proposal. It's not law until passed by congress. Don't know when that was posted on the website. But I get the impression it's pretty old since it provides publish dates back in the 1980's.
Treasury regulations are never passed by Congress and the age of a regulation makes absolutely no difference with regard to its force and effect nor does the identity of the current (or past) Commissioner.
Congressed passed the Internal Revenue Code which grants the authority to the Treasury Department to promulgate regulations which have the same effect as actual law (although any Code section would supplant a regulation to the extent the two were inconsistent).
A proposed regulation provides at least some guidance as to how the Treasury Department would interpret a particular Code section.
