The Internal Revenue Service's Office of Appeals is recommending that the agency issue a new determination letter in order to reinstate the tax exemption of approximately $8.5 million charter school project revenue bonds issued for the LEAP Academy University Charter School in 2003.

The IRS had revoked LEAP's tax-exempt status earlier this year after the nonprofit failed to file Form 990 financial statements for three fiscal years ending June 30, 2007, 2008 and 2009. Organizations with 501(c)(3) status are required to file these financial forms with the IRS.

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