4. On February 10, 2013, the IRS issued Treas. Reg. § 1.385-…

4. On February 10, 2013, the IRS issued Treas. Reg. § 1.385-1T which provided rules pertaining to the analysis of whether an instrument is debt or equity for federal income tax purposes. X Corporation, a sophisticated taxpayer wishes to rely upon the regulation to support its position that a loan it extended to a related party is debt rather than equity. Can it rely upon the regulation for taxable year 2023?