WASHINGTON - The Internal Revenue Service's proposed guidelines for auditing the tax-exempt financings of nonprofit colleges and universities are more likely to lead to fishing expeditions than to the discovery of abuse. accountants and lawyers told agency officials at a hearing yesterday.

The guidelines, which the IRS proposed for its agents late last year, would touch on all of the tax issues that could be raised in an audit of a college or university, including issues related to tax-exempt bonds.

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