WASHINGTON -- An Internal Revenue Service ruling that allowed a Rhode Island corporation to issue $56 million of tax-exempt bonds to pay the depositors of failed credit unions was unusual and issued in record time, the recently published ruling shows.

The letter ruling concluded that bonds issued by the Rhode Island Depositors Economic Protection Corp. would not be taxable arbitrage bonds even though they would be paid with credit union assets which, if marketed to market. would have a higher yield than the bond yield.

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