IRS rules $720M in NH bonds taxable in dispute over accounting rules
"We understood that it was unlikely we would be able to resolve the dispute over the tax-exempt bonds, that the IRS examiners would issue this determination, and that we would then take the case to appeals," said Bradley Waterman, a Washington, D.C.-based attorney representing the agency.
The dispute is being followed closely in the tax-exempt bond market, since New Hampshire is the first state to refuse to settle voluntarily with the IRS, and take its case to appeals. Most of the bonds at issue have been paid off, and the federal government took over the guaranteed student loan program in 2010.
The dispute revolves around what is known in the bond industry as "loan swapping," in which student loans were allocated to bonds other than the ones used to finance them.
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