The Revenue Act of 1928 (May 29, 1928, ch. 852, 45 Stat. 791), formerly codified in part at 26 U.S.C. sec. 22(a), is a statute introduced as H.R. 1[1] and enacted by the 70th United States Congress in 1928 regarding tax policy.
Section 605 of the Act provides that "In case a regulation or Treasury decision relating to the internal revenue laws is amended by a subsequent regulation or Treasury decision, made by the Secretary or by the Commissioner with the approval of the Secretary, such subsequent regulation or Treasury decision may, with the approval of the Secretary, be applied without retroactive effect." (as cited in Helvering v. R.J. Reynolds Tobacco Co., 306 U.S. 110 (1939))
- ^ United States. Congress. Senate. Committee on Finance. (1928). Revenue act of 1928 : hearings before the Committee on Finance, United States Senate, seventieth Congress, first session on H.R. 1, an act to reduce and equalize taxation, provide revenue, and for other purposes. April 9-13, 1928. Washington: United States Government Printing Office.