TITLE

IRS Rules Interest on Kentucky County's Pooled Bonds Taxable

AUTHOR(S)
Barnett, Susanna Duff
PUB. DATE
November 2004
SOURCE
Bond Buyer;11/17/2004, Vol. 350 Issue 32012, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the Internal Revenue Service's (IRS) decision that the interest on $62.78 million of pooled bonds issued by Henderson Country, Kentucky is taxable as the issue violates the tax code's arbitrage restrictions. Henderson County issued the pooled bonds for the Kentucky Hospital Association Health Facilities Loan Program to provide financing for hospitals in the state. The IRS contended the issuer did not reasonably expect to loan the proceeds from the bonds when they were issued and did not satisfy certain requirements related to notices and public hearings.
ACCESSION #
15113187

 

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