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Public Finance Tax
Tax lawyers love when tax-exempt bond-financed projects owned by governmental entities[1] (“TEB Projects”) are also financed with qualified equity. Why you ask? Because it makes their job easier. Since you are likely interested in making your tax lawyer’s life more pleasant, keep reading, as this blog post explains what qualified equity in a TEB Project...... Continue Reading
December 2025 | Blog
While probably not the most consequential election in 2024, a bond issuer might need to decide whether to make a separate issue election under Reg. §1.150-1(c)(3) and/or a multipurpose issue allocation under Reg. §§1.148-9(h) and 1.141-13(d).[1] To ensure that issuers (and conduit borrowers)[2] are a fully informed electorate, this 2024 Election Guide will explain the...… Continue Reading The post Your 2024 Election Guide – Separate Issue Election and/or Multipurpose Issue Allocation (an Election of Sorts)? appeared first on The Public Finance Tax Blog.
July 2024 | Blog
When the Internal Revenue Code (“IRC”) says it does. (For those of you that want to remind yourselves of how a bill becomes a law, such as the IRC, see this video from Schoolhouse Rock). As you may know, issuers of governmental-use bonds are generally permitted to use up to 10% of the tax-exempt...… Continue Reading The post When does 10% PBU really mean 5% PBU? appeared first on The Public Finance Tax Blog.
February 2024 | Blog
The famous song, Love Me Tender, by Elvis Presley, includes lyrics such as “We’ll never part” and about being together “ ’Til the end of time.” In contrast to Elvis’ wish, the issuer of tax-exempt bonds that makes a tender offer is hoping the exact opposite happens to the relationship between the bondholder and tax-exempt...… Continue Reading The post Love Me Tender [Bonds] – An Overview appeared first on The Public Finance Tax Blog.
October 2023 | Blog
(Episode 3 – What Happens to the Arbitrage Sinners and the Arbitrage Saints?) As you may remember, in Episode 1 we discussed some background regarding the prohibition against abusive arbitrage devices and the policy behind that prohibition – to encourage investment of tax-exempt bond proceeds in long-lived, tangible assets, while discouraging the generation of arbitrage...… Continue Reading The post Abusive Arbitrage Devices – It’s Time to Get Reacquainted appeared first on The Public Finance Tax Blog.
March 2023 | Blog
(Episode 2 – Overburdening (Generally) Not Allowed) As you may remember, in the first episode, we discussed how the federal government’s primary goal in subsidizing tax-exempt bonds is to encourage investment by issuers in long-lived, tangible assets. We also discussed how the federal government has tried to keep issuers on the intended path by preventing...… Continue Reading The post Abusive Arbitrage Devices – It’s Time to Get Reacquainted appeared first on The Public Finance Tax Blog.
February 2023 | Blog
(Episode 1 – Background and Arbitrage Basics) Sometimes it is a good exercise to remind ourselves of some basic rules governing tax-exempt bonds. One such rule is that bonds are taxable arbitrage bonds if an “abusive arbitrage device” is used in connection with the bonds. An abusive arbitrage device is any action that has the...… Continue Reading The post Abusive Arbitrage Devices – It’s Time to Get Reacquainted appeared first on The Public Finance Tax Blog.
According to Wikipedia, the fount of all knowledge, the phrase “I know it when I see it” is a colloquial expression by which a speaker attempts to categorize an observable fact or event, although the category is subjective or lacks clearly defined parameters. This phrase was famously used in a U.S. Supreme Court decision to...… Continue Reading The post I Know It When I See It – What is a Capital Expenditure? appeared first on The Public Finance Tax Blog.
January 2023 | Blog
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