The rule no longer depends on regulations being written
What the document says“Section 707(a)(2) is amended by striking "Under regulations prescribed" and inserting "Except as provided".”
The section strikes the words Under regulations prescribed at the start of section 707(a)(2) of the Internal Revenue Code of 1986 and inserts Except as provided.
What the document actually says“Section 707(a)(2) is amended by striking "Under regulations prescribed" and inserting "Except as provided".”
That sentence, in plain words
Three words are taken out of a tax rule. Three new ones are put in.
What this is about
The old words tied the rule to regulations. The new ones do not. So the rule stands on its own.
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