The Eternal Triangle: The IRS, The Issuers and The Bondholders
Author: Mark Scott.
Source: Volume 22, Number 04, Winter 2001 , pp.30-32(3)
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Abstract:
Scott discusses the stepped up enforcement in the Internal Revenue Service tax-exempt bond division, which closes on about 40 audits every quarter—specifically, enforcement of rules dealing with arbitrage and private activity bond restrictions, rules that have been around for decades, but not aggressively enforced. Among the actions Scott examines are for yield-burning settlements, cases involving phony issue dates, a 40 percent change rate in new money small-issue bonds, a recent criminal indictment, and guilty plea of a bond counsel relating to some bond issuances.Keywords:
Affiliations:
1: Director, Tax-Exempt Bonds, IRS.