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Taxation

IRS Revocation of Foundation's Tax-Exempt Status Threatens Charter School Bonds

JAN 23, 2013 4:14pm ET

Almost $24.75 million of limited obligation revenue bonds issued in 2005 and 2010 for the Old Redford Academy charter school in Detroit could become taxable and have been downgraded by Standard & Poor's because the Internal Revenue Service revoked the school's foundation's tax-exempt status.

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