WASHINGTON -- The IRS' proposed private-activity bond rules would liberalize existing revenue procedures for both management contracts and changes in the use of bonds, and provide the first concrete guidance in a number of areas, including enterprise zone bonds.

Scheduled for publication in today's Federal Register, the Internal Revenue Service rules answer dozens of questions raised by issuers and bond lawyers over the last several years as to when a municipal bond fails the socalled 10% private-use test and becomes taxable.

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