Treasury regulations


Treasury regulations

Treasury Regulations are the tax regulations issued by the United States Internal Revenue Service (IRS), a bureau of the United States Department of the Treasury. These regulations are the Treasury Department’s official interpretations of the Internal Revenue Codecite web
last = Harvard Law School Library
title = Federal Tax Law Research, Treasury Regulations
url=http://www.law.harvard.edu/library/services/research/guides/grfs/specialized/tax.php#TreasuryRegulations | accessdate = 2008-06-05
] and are one source of U.S. Federal income tax law.

Proposed, Final and Temporary regulations

The IRS issues three types of regulations: final, temporary, and proposed. Final regulations are legally binding on a taxpayer, having the same force and effect as the Internal Revenue Code itself. Proposed regulations do not become effective until after comments and testimony are received ("notice and comment"), and a final regulation is issued. Proposed Regulations may offer guidance for determining a taxpayer's liability for the given year. Samuel A. Donaldson, "Federal Income Taxation of Individuals: Cases, Problems and Materials", 3 (2nd Ed. 2007)]

Temporary regulations are effective upon publication in the Federal Register and may be valid for no more than three years from their date of issuance.cite web
title = 26 U.S.C. § 7805. "Rules and regulations."
url=http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=browse_usc&docid=Cite:+26USC7805
accessdate = 2008-06-05
] Because the notice and comment process can take several months or even years, if the Treasury wants a regulation to become effective more quickly, it will often issue a proposed regulation simultaneously as a temporary regulation.

Authority and citations

Section 7805 of the Internal Revenue Code gives the United States Secretary of the Treasury the power to create the necessary rules and regulations for enforcing the Internal Revenue Code.cite web
title = 26 U.S.C. § 7805. "Rules and regulations."
url=http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=browse_usc&docid=Cite:+26USC7805
accessdate = 2008-06-05
] These regulations, also known as the “Income Tax Regulations,” are located in Title 26 of the Code of Federal Regulations, or “C.F.R.” The regulations are organized according to the Internal Revenue Code section that a regulation interprets. Citations to the Treasury Regulations may appear in different formats. For instance, the definition of gross income in the regulations may be cited to as “26 C.F.R. 1.61-1” or as “Treas. Reg. 1.61-1.” Both citations refer to the same regulation, which interprets Internal Revenue Code Section 61, "Gross income defined."

Publication

Proposed Treasury Regulations are drafted by the Internal Revenue Service and published in the Federal Register. Proposed Treasury Regulations are published so that taxpayers may submit written comments or speak at hearings before final regulations are published. After the notice and comment period, the Final Treasury Regulations are then published first in the Federal Register before final publication in the Code of Federal Regulations. Temporary regulations are effective immediately upon publication in the Federal Register. Temporary and final regulations are initially published as Treasury Decisions (“TD”). TD's include an explanatory preamble, which can be a helpful source for legal research.

External links

[http://www.access.gpo.gov/cgi-bin/cfrassemble.cgi?title=200726 "Code of Federal Regulations", Title 26, Treasury Regulations] from [http://www.access.gpo.gov GPO Access]

References


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Treasury Regulations — USA Treasury Regulations, Also known as Federal Tax Regulations. The official interpretation of the Internal Revenue Code by the US Department of the Treasury. Practical Law Dictionary. Glossary of UK, US and international legal terms.… …   Law dictionary

  • Treasury Regulations — Treasury Department Regulations (abbr. Treas. Regs. ) represent the position of the Internal Revenue Service as to how the Internal Revenue Code is to be interpreted. Their purpose is to provide taxpayers and I.R.S. personnel with rules of… …   Black's law dictionary

  • Treasury shares — A company s own issued shares that it has bought but not cancelled where the purchase was financed out of the company s distributable profits. Only qualifying shares may be held in treasury (such as shares listed on the Official List of the UK… …   Law dictionary

  • Treasury stock — A treasury stock or reacquired stock is stock which is bought back by the issuing company, reducing the amount of outstanding stock on the open market ( open market including insiders holdings). Stock repurchases are often used as a tax efficient …   Wikipedia

  • Federal Tax Regulations — USA Treasury Regulations, Also known as Federal Tax Regulations. The official interpretation of the Internal Revenue Code by the US Department of the Treasury. Practical Law Dictionary. Glossary of UK, US and international legal terms.… …   Law dictionary

  • United States Department of the Treasury — Infobox Government agency agency name = The Department of the Treasury seal width = 140 px seal caption = Treasury Seal formed = September 2, 1789 preceding1 = Board of Treasury jurisdiction = Federal government of the United States headquarters …   Wikipedia

  • Queen's Regulations and Orders for the Canadian Forces — The Queen s Regulations and Orders for the Canadian Forces (QR O) are regulations having the force of law for the governance of the Canadian Forces. They are regarded as the primary document of military law and regulations in Canada aside from… …   Wikipedia

  • United States Treasury security — A United States Treasury security is government debt issued by the United States Department of the Treasury through the Bureau of the Public Debt. Treasury securities are the debt financing instruments of the United States federal government, and …   Wikipedia

  • Code of Federal Regulations — Administrative law General prin …   Wikipedia

  • Cuban Assets Control Regulations — The Cuban Assets Control Regulations, 31 C.F.R. part 515, are regulations of the United States Department of the Treasury on July 8, 1963, under the Trading with the Enemy Act, that general regulate relations between Cuba and the U.S. and are the …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.