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. 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."
Read more about this topic: Treasury Regulations
Famous quotes containing the word authority:
“America has always been a country of amateurs where the professional, that is to say, the man who claims authority as a member of an élite which knows the law in some field or other, is an object of distrust and resentment.”
—W.H. (Wystan Hugh)