Municipal Securities Rulemaking Board

1. Distinguish the relative weight of authority between a Treasury Department regulation binding on a tax payer and an IRS revenue ruling probably no binding on tax payer. A revenue ruling differs from a regulation in important respects. First, rulemaking procedures prescribed by the APAgovern the process for the Treasury’s adoption rules and regulations. A regulation is therefore the product of the formal process required when the treasury and the service states their position on a matter of tax