TITLE

IRS May Tax Bonds to Spur Settlements

AUTHOR(S)
Duff, Susanna
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/20/2003, Vol. 344 Issue 31639, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The U.S. Internal Revenue Service (IRS) is threatening to impose taxes on some issuers' bonds as a way to force regional investment-banking firms to settle pending yield-burning cases. The bonds may be taxable because the yield on open-market securities for its refunding escrow generated illegal arbitrage profits, and the agency plans to send out as many as 70 more such letters in upcoming weeks, according to Charles Anderson, the IRS manager of tax-exempt bond field operations.
ACCESSION #
9902939

 

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