The Internal Revenue Service has opened an audit of $3 million of bonds issued by an authority in Little Rock almost four years after it entered into a closing agreement with the agency that preserved the bonds’ tax-exempt status.

In another case, the IRS has issued a proposed adverse determination that the interest earnings from $3.535 million of bonds issued by an authority in Ohio are taxable, but the authority is discussing the possibility of resolving the issue with the IRS to preserve the bonds’ tax-exempt status.

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