The IRS is auditing two separate issuers to address the accuracy of form 8038-T, a project the agency has taken up as one of their fiscal 2013 goals. Form 8038-T is filed by issuers when making an arbitrage payment.
Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.
the bond buyer conferences
September 25-27, 2013JW Marriott LA Live, Los Angeles, CA
October 27-29, 2013Crowne Plaza Times Square Manhattan, New York, NY