IRS Informs Colorado District That '99 Bonds Could Be Deemed Taxable

Duff, Susanna
June 2003
Bond Buyer;6/13/2003, Vol. 344 Issue 31656, p5
Trade Publication
The Internal Revenue Service (IRS) has notified the Black Hawk Business Improvement District in Black Hawk, Colorado that it may issue an adverse preliminary determination letter that finds two 1999 series special assessment bonds totaling six million dollars are taxable because a private casino development company depreciated property financed with the bonds. In an April 21, 2003 letter, the IRS said that, because of the developer's deduction, it believes that the bonds are private-use debt under the tax code and could be taxable, according to a material-event notice posted by the district. Derek Knight, manager of the IRS tax-exempt bond enforcement group that has jurisdiction over of the western part of the country, said he would not discuss or acknowledge the specific Black Hawk case.


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