Identify which of the following statements is true.
A)If regulations are issued prior to the latest tax legislation dealing with a specific Code section, the regulations are no longer effective to the extent they conflict with the provisions in the new legislation.
B)Legislative regulations are more likely to be invalidated by the courts than are interpretative regulations.
C)Regulations have more authoritative weight than tax statutes.
D)All of the above are false.

Question

Quizplus · Accepted Answer

This statement is true according to the principle of statutory construction known as the "last-in-time rule." If the latest tax legislation conflicts with previously issued regulations, the new legislation will prevail to the extent of the conflict. Legislative regulations have the same weight as statutory law, and interpretative regulations are given deference by the courts. Therefore, B and C are false.

Identify Which of the Following Statements Is True