Final answer:
Final regulations carry significant legislative weight, nearly equivalent to the Internal Revenue Code (IRC), as they are issued by the Treasury Department and provide the official interpretation of the IRC, with the force and effect of law.
Step-by-step explanation:
Final regulations do indeed have almost the same legislative weight as the Internal Revenue Code (IRC). Final regulations are issued by the Treasury Department and provide the official interpretation of the IRC. These regulations must go through a process of proposal, public comment, and finalization before they are enacted. Once enacted, they have the force and effect of law and can be relied upon by taxpayers and enforced by the IRS.
The Internal Revenue Code is a federal statute that dictates the United States federal tax law. Regulations that interpret this code carry significant authority, although they are not passed by Congress but instead are created by the Treasury Department following a prescribed process outlined in the Administrative Procedure Act.