In Second Audit, IRS Declares Kentucky County's Bonds Taxable

McConnell, Alison L.
June 2006
Bond Buyer;6/23/2006, Vol. 356 Issue 32409, p5
Trade Publication
The article reports the declaration by the Internal Revenue Service that Pendleton County, Kentucky's $100 million bonds are taxable after its second audit. The agency initially audited the bonds in 1998, closing the exam on January 27, 2000, with a letter that there had been no change to the bonds' status. ding to municipal market participants, the case reflects double jeopardy and the difficulties associated with the agency that treats both bondholders and issuers as taxpayers for different purposes of the federal tax code.


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