I would like to hear the discussion that makes the point that residents would be left holding the "bag" if the bonds are deemed taxable. I believe the bonds were sold by investment bankers after getting opinions from one or more law firms regarding their nontaxable status. The bond buyers would have recourse against the selling investment banking entity or entities and possibly the opining law firms if the are judged taxable by the IRS . I am not sure where the homeowner liability arises. Can someone who knows (rather than -thinks he/she knows ) respond?
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