WASHINGTON -- The Internal Revenue Service has dropped its case against one bondholder but appears to be pursuing others in separate enforcement actions over a $34 million bond issue sold for the Sevier County, Tenn., Industrial Development Board in 1984.

The issue, which was sold as tax-exempt, was to be used to finance the expansion and rehabilitation of the historic Mountain View Hotel in Gatlinburg, Tenn. But the project never got off the ground and the bonds were redeemed in 1987.

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