Zehner: IRS Letters Should be Disclosed

Hume, Lynn
September 2004
Bond Buyer;9/10/2004, Vol. 349 Issue 31966, p1
Trade Publication
This article reports that Municipal issuers receive adverse determination letters from the U.S. Internal Revenue Service (IRS) stating that the interest earnings on their bonds are taxable should file material event notices disclosing that they have received the letters. One of the officials--Martha Mahan Haines, chief of the Securities and Exchange Commission's Office of Municipal Securities--also told the lawyers that the SEC, if asked, could probably mandate use of the new central post office disclosure facility at some point in the future through an interpretative letter, without amending its Rule 15c2-12 on disclosure. Haines and Mark Zehner, the regional municipal securities counsel in the SEC's Philadelphia office, made their remarks during a session on securities law issues here at the National Association of Bond Lawyers' annual Bond Attorneys' Workshop.


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