IRS Tells 2 Issuers That Deals May Be Taxable

Newman, Emily
January 2005
Bond Buyer;1/27/2005, Vol. 351 Issue 32058, p5
Trade Publication
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.


Related Articles

  • IRS Probes Land-Backed Deal Parties. Hume, Lynn // Bond Buyer;12/21/2000, Vol. 334 Issue 31042, p1 

    Reports on the United States Internal Revenue Service's plan to audit a number of land-secured financings underwritten by Pacific Genesis Group Inc. Possibility that the bonds could be declared taxable if violations are found; Official statement for the unrated certificates of participation...

  • Oxnard Becomes 3d California School District to Hear From IRS on Arbitrage. McConnell, Alison L. // Bond Buyer;9/19/2006, Vol. 357 Issue 32469, p5 

    The article reports that the U.S. Internal Revenue Service (IRS) has made a preliminary determination that the Oxnard Union High School District's refunding bonds are taxable. The decision was made after a municipal disclosure. The IRS believed that securities for the advance refunding escrow...

  • IRS Gives Leeway to Solid-Waste Facility Impacted by Hurricanes. Schroeder, Peter // Bond Buyer;4/8/2008, Vol. 364 Issue 32852, p5 

    The article reports on the issuance of a private-letter ruling by the U.S. Internal Revenue Service which gives leeway on tax law requirements to solid-waste facility impacted by hurricanes. The ruling states that a private management contract for a bond-financed facility that would not comply...

  • Bond Counsel Hargrove's Trial Pushed Back Until November '08. McConnell, Alison L. // Bond Buyer;11/19/2007, Vol. 262 Issue 32757, p5 

    The article reports on a legal rebuttal filed by bond counsel Richard H. Hargrove against the U.S. Internal Revenue Service's (IRS) amended list of allegations of wrongdoing under Section 6700 of the tax code. Hargrove is challenging the $1.9 million fine the IRS evaluated him in January 2005...

  • Greetings from the IRS. Resnick, Am! B. // Governing;Feb2009, Vol. 22 Issue 5, p44 

    The article presents the author's views on the U.S. Internal Revenue Service (IRS) taking new steps to raise the municipal bonds. He remarks that it will be a challenge for local and state borrowers to face scrutiny from the IRS in the situation when bond issuers are coping with budget stresses,...

  • IRS to Release Amended Form 990 That May Delay Schedule K. McConnell, Alison L. // Bond Buyer;11/20/2007, Vol. 362 Issue 32758, p3 

    The article reports on the plan of U.S. Internal Revenue Service (IRS) to release an amended version of its Form 990 in December 2007. The said form is the annual information return which was filed by tax-exempt organizations. It is asserted that IRS officials are looking at the crucial changes...

  • IRS Ends Probe Into Atlanta Deal; Bonds Remain Tax-Exempt. McConnell, Alison L. // Bond Buyer;12/19/2007, Vol. 362 Issue 32777, p7 

    The article reports that the U.S. Internal Revenue Service (IRS) has concluded its examination of Atlanta, Georgia's $1.1 billion Series 1999 wastewater bond deal with no change to the bonds' tax-exempt status, as revealed in a municipal disclosure notice. Dana Boone, chief officer of the city's...

  • Kentucky's Henderson County Settles Charges with IRS Over $63M Issue. Schroeder, Peter // Bond Buyer;2/15/2008, Vol. 363 Issue 32817, p5 

    The article reports on the settlement of tax charges by Henderson County, Kentucky. The county has resolved tax law charges with the U.S. Internal Revenue Service over $62.78 million of Series 2000A pooled bonds, utilizing an unidentified third party's payment to fund the settlement and protect...

  • IRS Rules Roddy Ranch Pac Gen Bonds Taxable. Barnett, Susanna Duff // Bond Buyer;6/30/2004, Vol. 348 Issue 31916, p4 

    Reports that the Internal Revenue Service (IRS) has declared that interest on four series of municipal securities issued by Roddy Ranch Public Financing Authority are taxable because they violated the private-activity bond rules. Tax exemptions of private-activity bonds under the Internal...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics