Quote:
Originally Posted by dbussone
It is customary, in my experience, to seek an IRS opinion when an entity is proposing to issue tax free bonds.
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There is the rub. There was a opinion issued by the IRS, there was bond counsel, there is error and omission insurance from the bound counsel. After a period of time the Opinion from IRS was changed. Now there are lawyers making a nice living of this case. It goes on and on and may not be solved in the near future, who knows?