IRS Calls Louisiana Pool Deal Taxable; LCDA Requests Appeal

Barnett, Susanna Duff
June 2004
Bond Buyer;6/21/2004, Vol. 348 Issue 31909, p1
Trade Publication
Reports that the Louisiana Local Government Environmental Facilities and Community Development Authority has received a proposed determination letter from the United States Internal Revenue Service (IRS) stating that the interest on $125 million of pooled bonds issued in 2001 is taxable because the deal violates the tax code's arbitrage restrictions. Request for an appeal by the authority; Assertion by the IRS that the interest paid on the variable-rate demand revenue bonds is taxable.


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