The IRS has told the city of Bell, Calif., that $35 million of general obligation bonds it issued in 2007 may not be tax-exempt because the agency believes the bond issue is a hedge bond.
IRS: $35M of Bell, Calif. GO Bonds May Not Be Tax Exempt
NOV 12, 2012 3:26pm ET
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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.
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