WASHINGTON -- Internal Revenue Service officials say they may try to end uncertainty among tax-exempt issuer over whether to use the actual price or face amount of bonds in calculating allocations under the privateactivity volume cap.

Confusion arose this summer after the IRS issued a private-letter ruling saying the California Pollution Control Finance Authority could have obtained a cap allocation for the actual issue price, rather than the face amount, of bonds it issued at a discount in 1992 and 1993.

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