As part of an ongoing initiative to examine developer-driven deals, the Internal Revenue Service is auditing $48.47 million of defaulted bonds issued by the Stoneybrook South Community Development District in Florida in 2007 for infrastructure improvements.

Cliff Gannett, director of the IRS’ tax-exempt bond office, said last year that the IRS planned to continue auditing multifunctional special district financings in 2011, having begun them last year.

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