CHICAGO -- The Internal Revenue Service should give the municipal bond industry more timely guidance on emerging complex transactions and products such as gray boxes, derivatives, and portfolio sales, Henry S. Klaiman, a lawyer with Brown & Wood, told those attending a National Association of Bond Lawyers meeting here.

The industry and the IRS "would be better served if the IRS were to give guidance before these products escalate to the point where confusion reigns" and grow "into 900-pound gorillas that the IRS cannot practically control without upsetting the market," Mr. Klaiman said in a speech on the "state of the municipal tax bar."

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