TITLE

IRS Tells 2 Issuers That Deals May Be Taxable

AUTHOR(S)
Newman, Emily
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/27/2005, Vol. 351 Issue 32058, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reports on the warning of the U.S. Internal Revenue Service (IRS) on two issuers, the Altoona City Authority in Pennsylvania and the Manitowoc Community Development Authority in Wisconsin that their tax-exempt bonds issues could be declared taxable. Claim of IRS of possible violations committed by the two issuers of the arbitrage provisions of the tax code; Notification of IRS on the two issuers on the issue; Conclusion of IRS that the water revenue funding bonds were likely taxable because of their use of a so-called put-option escrow.
ACCESSION #
15837741

 

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