TITLE

IRS: Interest on Yakama Indian Bonds Is Taxable

AUTHOR(S)
Ferris, Craig T.
PUB. DATE
February 2006
SOURCE
Bond Buyer;2/13/2006, Vol. 355 Issue 32218, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
19758603

 

Related Articles

  • NABL Takes Issue With Waste Rules. Barnet, Susanna Duff // Bond Buyer;8/11/2004, Vol. 349 Issue 31945, p1 

    Reports on the problems related to the proposed overhaul of the rules that govern tax-exempt bonds by the U.S. Internal Revenue Service. Use of the bonds to finance solid-waste disposal facilities; Limitations of the rules; Significance of the rules in solving a problem by eliminating the...

  • IRS Rules On Issuer Fixes Go Into Effect. Barnett, Susanna Duff // Bond Buyer;8/13/2004, Vol. 349 Issue 31947, p1 

    Reports on the finalization of a portion of the remedial action rules that would help some issuers to correct violations of private-activity bond rules by the U.S. Internal Revenue Service. Implementation of the rules; Application of the rules to issuers of most exempt facility bonds, small...

  • IRS Audits $25M Deal for Retirement Center in New Jersey. Barnett, Susanna Duff // Bond Buyer;3/18/2004, Vol. 347 Issue 31844, p5 

    Focuses on the audit of the tax-exempt bonds by the U.S. Internal Revenue Service from the Camden County Improvement Authority for possible violations of the private-activity bond rules. Worth of tax-exempt bonds issued by the authority; Requests for information related to the authority's...

  • Tribal Deals Issued Through Conduits Are Private-Activity Bonds, IRS Rules.  // Bond Buyer;11/28/2006, Vol. 358 Issue 32516, p5 

    The article presents information on an Internal Revenue Service rule that says that bonds issued by a state entity, where an Indian tribal government is a conduit borrower, are private-activity bonds. The rule says that the tribe can be treated as a state only if bond proceeds are used for an...

  • Section 1031 Exchanges: Underused Tax- Planning Tool. Wayner, Stephen A. // CPA Journal;Jun2005, Vol. 75 Issue 6, p16 

    Focuses on the provisions of the section 1031 of the U.S. Internal Revenue Service's Internal Revenue Code which recognizes the exchange of property held for productive use in a trade or business or for investment. Factors to determine whether the property is being held for sale to customers in...

  • NABL Suggests Adjustments to Form 990 Schedule K Changes. Schroeder, Peter // Bond Buyer;6/18/2008, Vol. 364 Issue 32902, p5 

    The article reports on the National Association of Bond Lawyers' (NABL) request for some adjustments to the proposed instructions to the Internal Revenue Service's (IRS) Form 990 Schedule K in the U.S. NABL said that the phrasing in the portion of the form on private business use could prove...

  • IRS Closer to New Orleans Tax Action. Duff, Susanna // Bond Buyer;3/27/2003, Vol. 343 Issue 31802, p1 

    The Internal Revenue Service(IRS) has taken the next to last step before declaring that interest paid on 75.2 million dollars of pension obligation refunding bonds issued by New Orleans, Louisiana in 1998 is taxable. � We thought that it made more sense for us to present our complete case...

  • IRS Rules on Allocation of Private Payments for Multi-Use Facility. Barnett, Susanna Duff // Bond Buyer;9/29/2004, Vol. 349 Issue 31979, p4 

    Reports on the rule of the U.S. Internal Revenue Service (IRS) on allocation of private payments for multipurpose facilities. Issues related to the tax-exempt status of bonds used to finance a portion of a city's multipurpose building; Statement of the IRS in response to the allocation of...

  • IRS Preliminarily Determines Calif. District's $46M Is Taxable. Schroeder, Peter // Bond Buyer;2/26/2008, Vol. 363 Issue 32823, p5 

    The article reports that the Internal Revenue Service (IRS) has preliminarily determined that $45.6 million of general obligation refunding bonds issued in 2000 and 2001 by California's Pomona Unified School District are taxable. The district has disclosed that the IRS had sent the preliminary...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sign out of this library

Other Topics