Question

29.       Post-1998 Temporary Regulations, which are often issued after-the-fact in response to a tax law change or an adverse judicial decision:

a.         have the full force and effect of law while in existence.

b.         are published simultaneously as Proposed Regulations.

c.         lapse after three years if not finalized.

d.         Two of the above.

e.         All of the above.

Answer 1

Correct answer ............ (a)   Have the full force and effect of law while in existence.

1) Proposed Regulations are quite different from Temporary Regulation ......... hence Option - B cannot be correct.

2) Temporary Regulations will be inforce until final regulations are issued. Hence Option - C is also wrong

Correct answer ............ (a)   Have the full force and effect of law while in existence.

Temporary Regulations shall have equal weight and importance like that of final regulations.