IRS Declares Spokane Parking Bonds Taxable; Issuer to Appeal

Barnett, Susanna Duff
July 2004
Bond Buyer;7/7/2004, Vol. 349 Issue 31920, p1
Trade Publication
Reports that the Internal Revenue Service has declared as taxable the interest on revenue bonds issued in 1998 by the Spokane Downtown Foundation to build a parking garage in Washington. Foundation's claim that all requirements relating to the excludability of interest paid to the holders of the bonds were satisfied; Right of the Lincoln Investment Co. and the Citizens Realty Co. to use the bond proceeds for collateral, private loans and construction; Reason for failure of the bonds to pass in the private payment test.


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