Proposed regulations threaten tax-exempt bond financing of public infrastructure improvements that benefit business properties

Article Abstract:

Proposed regulations regarding the tax-free status of bonds may be too limiting, inadvertently causing many government issue bonds to lose their tax-exempt status. The regulations state that a bond issue that benefits private business should not be tax-exempt, but the tests for such benefits is broad enough to cover things like road improvements near shopping centers. This could result in bonds that are issued for community benefit being placed in the business-use tax bracket.

Securities, Government securities, Securities taxes, Tax-exempt securities

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Regulations address deposit of federal taxes by EFT

Article Abstract:

The IRS has released regulations that will expand its use of electronic funds transfer to a greater number of taxpayers. Taxpayers making corporate income tax deposits under IRC section 6302 will join other taxpayers making source income tax, railroad retirement and FICA tax withholdings deposits by electronic means. The IRS will also be converting from its existing TAXLINK system to the Electronic Federal Tax Payment System in 1996.

Usage, Technology application, Electronic funds transfer systems, Tax returns, Withholding tax

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New continuity of interest regulations: a panacea?

Article Abstract:

IRS continuity of interest rules applicable to IRC section 368 corporate reorganizations changed with the release of IRS final and temporary regulations effective after Jan 28, 1998. The central feature of the regulations is the consideration exchanged in reorganizations between the target corporation stockholders and the issuing corporation. This feature reduces to some extent the former complexity of the continuity rules.

Corporate reorganizations, Interest, Interest (Finance)

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