WASHINGTON -- A New York Bar Association committee is urging the Internal Revenue Service to issue a notice or ruling as soon as possible assuring the municipal market that the Supreme Court's Cottage Savings decision does not set new standards governing bond reissuance.

In a letter to IRS Commissioner Shirley Peterson, the association's committee on taxation of corporations said the bond market needs to know that in the wake of the Cottage Savings decision, certain minor changes to a bond issue will not make the bonds subject to more restrictive tax laws.

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