Chicago FHLB Tells IRS to End Payments on LOC-Backed Bonds

Barnett, Susanna Duff
November 2003
Bond Buyer;11/21/2003, Vol. 346 Issue 31767, p1
Trade Publication
Reports that the Federal Home Loan Bank of Chicago has asked the Treasury and Internal Revenue Service (IRS) to stop their practice of imposing monetary penalties on letters of credit-backed bonds in the U.S. Inquiry conducted by IRS into transactions where tax-exempts bonds were backed by letters of credit; Settlements between the IRS and issuers of the transactions through the voluntary compliance agreement program.


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