Pennsylvania School District Appeals IRS Ruling That '96 Issue Is Taxable

July 2006
Bond Buyer;7/10/2006, Vol. 357 Issue 34219, p6
Trade Publication
The article reports on the appeal of a Pennsylvania School District on the ruling of the United States Internal Revenue Service that its 1996 bond issue is taxable. The school district may sue up to eight parties to the transaction. Bondholders should be protected from taxation and deal participants sometimes agree to pay costs related to the closing agreements with the IRS.


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