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IRS Power to Tax Holders of Tax-exempt Bonds Upheld.(Originated from The Press-Enterprise, Riverside, Calif.)
Knight Ridder/Tribune Business News, November, 1995 by McAuliffe, Don
Nov. 23--For municipal bond investors, the message from a recent U.S. Tax Court ruling involving securities issued by the Riverside County Housing Authority was an all too sobering one:
"IRS enforcement programs are up and running," said Amy Dunbar, director of government affairs for the National Association of Bond Lawyers.
For the first time, the court upheld the Internal Revenue Service's power to tax holders of tax-exempt bonds.
"In the past when an abusive issue surfaced, the IRS normally went after the issuer," said Zane Mann, publisher of the California Municipal Bond Advisor. "This time, they went after taxpayers."
In a landmark decision, the court ruled that Pebble Beach housing authority bondholders Edward and Elena Keith owe...
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