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Tax Lawyer, Vol. 56, No. 2 PHANTOM TAX REGULATIONS 413 413 PHANTOM TAX REGULATIONS: THE CURSE OF SPURNED DELEGATIONS Phillip Gall* I. INTRODUCTION The phone rings. The concerned voice on the other end asks whether doing “X, Y & Z” will cause a “tax disaster.” You vaguely recall something about “X, Y & Z,” so you request time to investigate. As you return the telephone receiver to its cradle, you confidently reach for the volume of your loose-leaf service that contains what you suspect will be the...

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