IRS Questions Fla. Development's Millions In Tax-Free Bonds

Law360, Miami (June 7, 2013, 7:51 PM EDT) -- The Internal Revenue Service has rejected claims from a massive central Florida retirement community that it qualifies as a political subdivision, bringing into question hundreds of millions in tax-free bonds it has issued through its community development district.

The conclusion reached in a technical advice memorandum released May 30 by the IRS has raised concerns of broader implications for special district bonds, a popular form of financing for infrastructure improvements by developments across the state and beyond. A more immediate effect could be possible added expenses...
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