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Unformatted text preview: taxpayer and the government disagree. As such, they provide interpretation of both legislative and administrative sources. 14. What is a Treasury regulation? Is it binding on the courts? A Treasury regulation is the Treasury Department's official interpretation of a provision in the Internal Revenue Code. Because of the extensive review and public comment process that goes into the issuance of a regulation, they are considered to have the force and effect of the law. However, they are not binding on the courts. That is, if the courts find that a Treasury regulation is inconsistent with the expressed or implied intention of the related Code Section, they will overturn the regulation and not give effect to its interpretation....
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This note was uploaded on 04/18/2008 for the course ACCT 3013 taught by Professor Murphy during the Spring '08 term at Oklahoma State.
- Spring '08