More Mayo Please? Temporary Regulations after Mayo Foundation V. United States

The U.S. Supreme Court’s recent decision in Mayo Found. for Med. Educ. & Research v. United States, 131 S. Ct. 704 (2011), helped clarify the degree of deference courts should afford Treasury regulations. However, Mayo did not involve or address temporary regulations. This “Point to Remember” essay examines the effect Mayo may have on the Treasury Department’s reliance on temporary regulations. It discusses, among other authorities, recent Court of Appeals cases, such as Home Concrete & Supply, LLC v. United States, 634 F.3d 249 (4th Cir.), cert. granted, 180 L. Ed. 2d 940 (2011), and Intermountain Ins. Serv. of Vail, LLC v. Commissioner, 650 F.3d 691 (D.C. Cir. 2011), which arose in the context of whether a 6-year statute of limitations applies to overstatements of basis outside of the trade or business context.