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TIR-972-2

The Revenue Service announced that it is now studying the effect of mandatory provisions of this general nature on the tax exempt status of interest paid on such bonds under section 103 of the Code and the Revenue Rulings thereunder.

The Revenue Service also announced today that it will no longer issue ruling letters with respect to so-called industrial development bonds. However, ruling requests received before the close of business on March 6, 1968, will be processed. Where such requests involve mandatory redemption provisions, favorable rulings will not be issued.

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