SAN FRANCISCO - Bond lawyers meeting here late last week raised disclosure concerns about the Internal Revenue Service's planned changes to its tax-exempt bond audit procedures.

During panel sessions at the National Association of Bond Lawyers' Tax and Securities Law Institute Thursday afternoon, several bond lawyers pressed IRS tax-exempt bond office director Cliff Gannett about how the proposed Form 5701-TEB, which would replace the preliminary adverse determination letter, would impact issuers from a disclosure standpoint.

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