WASHINGTON -- The test case challenging whether the IRS has the right to tax municipal bondholders entered its final phase this week as a U.S. Tax Court judge received final reply briefs from both sides and began his deliberations.

Judge Julian I. Jacobs is not expected to issue a ruling for several months, lawyers familiar with the case said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.