8 Pages Posted: 27 Nov 2013
Date Written: November 26, 2013
A recent IRS technical advice memorandum denied tax-exempt status to bonds of a development district on the grounds that the district was not “inherently accountable, directly or indirectly, to a general electorate.” This short piece reviews applicable law and private letter rulings to argue that this position represents an unprecedented change in applicable standards. Such a change should be introduced as a proposed regulation with notice-and-comment.
Suggested Citation: Suggested Citation
Aprill, Ellen P., Municipal Bonds and Accountability to the General Electorate (November 26, 2013). 141 Tax Notes 547, November 2013; Loyola-LA Legal Studies Paper No. 2013-41. Available at SSRN: https://ssrn.com/abstract=2360403