The IRS has notified New Orleans officials that it has closed an audit of more than $70 million of public improvement bonds issued by the city in 2007 with no change to their tax-exempt status.
IRS Closes Audit of New Orleans Bonds with No Changes
DEC 18, 2012 5:47pm ET
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"One of these things does not belong" is a catchy slogan and it comes to mind when looking at the latest tax policy ideas coming from Washington when looking at the municipal bond tax exemption. The exemption is not a result of the growth of a tax code designed to induce or reduce certain behaviors. Rather, it is the foundation for the flow of capital in a $3.7 trillion dollar market required to efficiently finance the nation's infrastructure.
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