IRS Preliminarily Rules Camden County, N.J., Debt Taxable

McConnell, Alison L.
March 2006
Bond Buyer;3/7/2006, Vol. 355 Issue 32333, p5
Trade Publication
The article focuses on the initial findings of the Internal Revenue Services (IRS) on the sale of redevelopment revenue bonds of Camden County Improvement Authority (CCIA) in New Jersey. IRS determined that the 25 million dollars of redevelopment revenue bonds sold in 1999 by the authority is taxable. According to CCIA, the transaction was an alleged over-issuance of subordinate bonds within the deal and a violation of private-activity rules for tax exempt bonds.


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