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26 U.S.C. § 7805 — Rules and regulations
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization** Except where such authority is expressly given by this title to any person other than an officer or employee of the Treasury Department, the Secretary shall prescribe all needful rules and regulations for the enforcement of this title, including all rules and regulations as may be necessary by reason of any alteration of law in relation to internal revenue.
**(b) Retroactivity of regulations**
(1) **In general** — Except as otherwise provided in this subsection, no temporary, proposed, or final regulation relating to the internal revenue laws shall apply to any taxable period ending before the earliest of the following dates:
(A) The date on which such regulation is filed with the Federal Register.
(B) In the case of any final regulation, the date on which any proposed or temporary regulation to which such final regulation relates was filed with the Federal Register.
(C) The date on which any notice substantially describing the expected contents of any temporary, proposed, or final regulation is issued to the public.
(2) **Exception for promptly issued regulations** — Paragraph (1) shall not apply to regulations filed or issued within 18 months of the date of the enactment of the statutory provision to which the regulation relates.
(3) **Prevention of abuse** — The Secretary may provide that any regulation may take effect or apply retroactively to prevent abuse.
(4) **Correction of procedural defects** — The Secretary may provide that any regulation may apply retroactively to correct a procedural defect in the issuance of any prior regulation.
(5) **Internal regulations** — The limitation of paragraph (1) shall not apply to any regulation relating to internal Treasury Department policies, practices, or procedures.
(6) **Congressiona
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Source location: Title 26, Chapter 80, § 7805; chapter-080-general-rules.md
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**(a) Authorization** Except where such authority is expressly given by this title to any person other than an officer or employee of the Treasury Department, the Secretary shall prescribe all needful rules and regulations for the enforcement of this title, including all rules and regulations as may be necessary by reason of any alteration of law in relation to internal revenue.
**(b) Retroactivity of regulations**
(1) **In general** — Except as otherwise provided in this subsection, no temporary, proposed, or final regulation relating to the internal revenue laws shall apply to any taxable period ending before the earliest of the following dates:
(A) The date on which such regulation is filed with the Federal Register.
(B) In the case of any final regulation, the date on which any proposed or temporary regulation to which such final regulation relates was filed with the Federal Register.
(C) The date on which any notice substantially describing the expected contents of any temporary, proposed, or final regulation is issued to the public.
(2) **Exception for promptly issued regulations** — Paragraph (1) shall not apply to regulations filed or issued within 18 months of the date of the enactment of the statutory provision to which the regulation relates.
(3) **Prevention of abuse** — The Secretary may provide that any regulation may take effect or apply retroactively to prevent abuse.
(4) **Correction of procedural defects** — The Secretary may provide that any regulation may apply retroactively to correct a procedural defect in the issuance of any prior regulation.
(5) **Internal regulations** — The limitation of paragraph (1) shall not apply to any regulation relating to internal Treasury Department policies, practices, or procedures.
(6) **Congressional authorization** — The limitation of paragraph (1) may be superseded by a legislative grant from Congress authorizing the Secretary to prescribe the effective date with respect to any regulation.
(7) **Election to apply retroactively** — The Secretary may provide for any taxpayer to elect to apply any regulation before the dates specified in paragraph (1).
(8) **Application to rulings** — The Secretary may prescribe the extent, if any, to which any ruling (including any judicial decision or any administrative determination other than by regulation) relating to the internal revenue laws shall be applied without retroactive effect.
**(c) Preparation and distribution of regulations, forms, stamps, and other matters** The Secretary shall prepare and distribute all the instructions, regulations, directions, forms, blanks, stamps, and other matters pertaining to the assessment and collection of internal revenue.
**(d) Manner of making elections prescribed by Secretary** Except to the extent otherwise provided by this title, any election under this title shall be made at such time and in such manner as the Secretary shall prescribe.
**(e) Temporary regulations**
(1) **Issuance** — Any temporary regulation issued by the Secretary shall also be issued as a proposed regulation.
(2) **3-year duration** — Any temporary regulation shall expire within 3 years after the date of issuance of such regulation.
**(f) Review of impact of regulations on small business**
(1) **Submissions to Small Business Administration** — After publication of any proposed or temporary regulation by the Secretary, the Secretary shall submit such regulation to the Chief Counsel for Advocacy of the Small Business Administration for comment on the impact of such regulation on small business. Not later than the date 4 weeks after the date of such submission, the Chief Counsel for Advocacy shall submit comments on such regulation to the Secretary.
(2) **Consideration of comments** — In prescribing any final regulation which supersedes a proposed or temporary regulation which had been submitted under this subsection to the Chief Counsel for Advocacy of the Small Business Administration—
(A) the Secretary shall consider the comments of the Chief Counsel for Advocacy on such proposed or temporary regulation, and
(B) the Secretary shall discuss any response to such comments in the preamble of such final regulation.
(3) **Submission of certain final regulations** — In the case of the promulgation by the Secretary of any final regulation (other than a temporary regulation) which does not supersede a proposed regulation, the requirements of paragraphs (1) and (2) shall apply; except that—
(A) the submission under paragraph (1) shall be made at least 4 weeks before the date of such promulgation, and
(B) the consideration (and discussion) required under paragraph (2) shall be made in connection with the promulgation of such final regulation.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this title—
(1) **Retirement** — Amounts received by the holder on retirement of any debt instrument shall be considered as amounts received in exchange therefor.
(2) **Ordinary income on sale or exchange where intention to call before maturity**
(A) *In general* — If at the time of original issue there was an intention to call a debt instrument before maturity, any gain realized on the sale or exchange thereof which does not exceed an amount equal to—
(i) the original issue discount, reduced by
(ii) the portion of original issue discount previously includible in the gross income of any holder (without regard to section 1272(a)(7) (or the corresponding provisions of prior law)),
shall be treated as ordinary income.
(B) *Exceptions* — This paragraph shall not apply to—
(i) any tax-exempt obligation, or
(ii) any holder who has purchased the debt instrument at a premium.
(3) **Certain short-term Government obligations**
(A) *In general* — On the sale or exchange of any short-term Government obligation, any gain realized which does not exceed an amount equal to the ratable share of the acquisition discount shall be treated as ordinary income.
(B) *Short-term Government obligation* — For purposes of this paragraph, the term “short-term Government obligation” means any obligation of the United States or any of its possessions, or of a State or any political subdivision thereof, or of the District of Columbia, which has a fixed maturity date not more than 1 year from the date of issue. Such term does not include any tax-exempt obligation.
(C) *Acquisition discount* — For purposes of this paragraph, the term “acquisition discount” means the excess of the stated redemption price at maturity over the t
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** In this section, the terms “net proceeds” and “net indemnity” mean the sum of—
(1) the adjusted basis of the vessel; and
(2) the amount of gain the taxpayer would recognize without regard to this section.
**(b) Recognition of Gain.—** In computing net income under the income or excess profits tax laws of the United States, a taxpayer does not recognize a gain on the sale or the actual or constructive total loss of a vessel if the taxpayer—
(1) deposits an amount equal to the net proceeds of the sale or the net indemnity for the loss in a construction reserve fund within 60 days after receiving the payment of proceeds or indemnity; and
(2) elects under this section not to recognize the gain.
**(c) When Election Must Be Made.—**
(1) **In general.—** — Except as provided in paragraph (2), the taxpayer must make the election referred to in subsection (b) in the taxpayer’s income tax return for the taxable year in which the gain was realized.
(2) **Receipt after taxable year.—** — If the vessel is bought or requisitioned by the United States Government, or is lost, and the taxpayer receives payment for the vessel or indemnity for the loss from the Government after the end of the taxable year in which it was bought, requisitioned, or lost, the taxpayer must make the election referred to in subsection (b) within 60 days after receiving the payment or indemnity, on a form prescribed by the Secretary of the Treasury.
**(d) Effect of Statute of Limitation.—** If the taxpayer makes an election under subsection (c)(2), and computation or recomputation under this section is otherwise allowable but is prevented by a statute of limitation on the date the election is made or within 6 months thereafter, the computation or recomputation nevertheless shall b
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Federal law — U.S. Code and appendices · legal_authorities
Page 4066
TITLE 26—INTERNAL REVENUE CODE
§ 7805
The Internal Revenue Service must issue a report on
the extent of the tax gap and the measures that could
be undertaken to decrease the tax gap. The report must
utilize more current data than has been utilized re-
cently. The report must be issued by April 15, 1989. The
Internal Revenue Service must also report annually on
the improvements being made in the audit rate, tax-
payer assistance, and enforcement efforts.’’
TAX COUNSELING FOR THE ELDERLY
Pub. L. 95–600, title I, § 163, Nov. 6, 1978, 92 Stat. 2810,
as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat.
2095, provided that:
‘‘(a) TRAINING AND TECHNICAL ASSISTANCE.—
‘‘(1) AGREEMENTS.—The Secretary, through the In-
ternal Revenue Service, is authorized to enter into
agreements with private or public nonprofit agencies
or organizations for the purpose of providing training
and technical assistance to prepare volunteers to pro-
vide tax counseling assistance for elderly individuals
in the preparation of their Federal income tax re-
turns.
‘‘(2) OTHER ASSISTANCE.—In addition to any other
forms of technical assistance provided under this sec-
tion, the Secretary may provide—
‘‘(A) preferential access to Internal Revenue
Service taxpayer service representatives for the
purpose of making available technical information
needed during the course of the volunteers’ work;
‘‘(B) material to be used in making elderly per-
sons aware of the availability of assistance under
volunteer taxpayer assistance programs under this
section; and
‘‘(C) technical materials and publications to be
used by such volunteers.
‘‘(b) POWERS OF THE SECRETARY.—In carrying out his
responsibilities under this section, the Secretary is au-
thorized—
‘‘(1) to provide assistan
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