Last week we reported on recently released PLR 201502008 (Jan. 9, 2015), which involved a total return swap (TRS) relating to an issue of tax-exempt bonds (Bonds) where the holder of the Bonds was also the TRS counterparty. The TRS originally had a term of about two years and was being extended an additional five … Continue Reading
Although The Bond Buyer has previously reported that the IRS has audited a number of tax-exempt bond issues that involved total return swaps ($) and that the IRS has declared to be taxable an ostensibly tax-exempt bond issue that involved a total return swap ($), the IRS had until a public release on January 9, … Continue Reading