IRS Closer to New Orleans Tax Action

Duff, Susanna
March 2003
Bond Buyer;3/27/2003, Vol. 343 Issue 31802, p1
Trade Publication
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 in front of the IRS appeals office,& rdquo; said George Wolf, a tax attorney with Orrick, Herrington & Sutcliffe LLP, which is representing the city. “ If they decide not to go to appeals, at the end of 30 days, the bonds become taxable,& rdquo; said Charles Anderson, IRS manager of tax-exempt bond field operations. The IRS originally examined 99.5 million dollars of tax-exempt issue consisting of two series but narrowed its audit to the Series 1998B debt, which was issued to refund New Orleans' 1983 tax-exempt obligation that was incurred to finance pensions for the city's police force.


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