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Local Entities Tax-Exempt Bonds for Facilities to House Federal Prisoners under IRS Review
by David M. Reutter
The Internal Revenue Service (IRS) is auditing dozens of tax-exempt bond-financed jail deals. The audits are looking into whether the bonds are no longer tax-exempt and are taxable private-activity bonds.
In recent years, many local governments have made investments into the prison industry. Typically, such deals ...
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