IRS: Interest on Yakama Indian Bonds Is Taxable

Ferris, Craig T.
February 2006
Bond Buyer;2/13/2006, Vol. 355 Issue 32218, p5
Trade Publication
The article reports that the U.S. Internal Revenue Service (IRS) has made a preliminary determination that interest earned on 9.3 million dollar of bonds issued by the Yakama Indian Nation for a tribally owned and operated sawmill that was used by a private company is taxable. According to a notice issued by the tribe, the deal has violated the private-activity rules of the tax code. The IRS can take the final step of issuing a proposed adverse determination letter and then tax the bondholders.


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