WASHINGTON — A New Hampshire issuer is moving toward appealing, and asking the Internal Revenue Service's tax-exempt bond office to revisit, its conclusion that $720 million of student-loan bonds are taxable.

The case, which involves the New Hampshire Health and Education Facilities Authority, is likely to be closely watched by student loan bond issuers that reallocated loans to bonds other than the ones that financed them and have not settled alleged tax law violations with the Internal Revenue Service, said Tom Vander Molen, a tax partner at Dorsey & Whitney in Minneapolis who is not involved in the audit.

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