WASHINGTON - The Internal Revenue Service proposed rules yesterday that clarify that single-family mortgage bonds and other serialized tax-exempt bonds whose proceeds are lent to more than one borrower will not be subject to double taxation under a law that took effect last January.

The IRS said the proposed rules, which deal with taxable mortgage pools, would be discussed at a public hearing on April 12, 1993, and that public comments on them must be submitted by March 22, 1993.

The rules clarify Section 7701(i) of the Tax Reform Act of 1986. The section took effect last January.

That section of the law applies to taxable mortgage pools, but bond lawyers had been concerned that it could be interpreted to require the taxation of mortgage payments and interest earnings for any new mortgage-backed, taxable, or tax-exempt serialized bonds, the proceeds of which were lent to more than one borrower.

These would include single-family housing, multifamily housing, nonprofit health-care, college, and other pooled bond financings.

But the IRS, in rules proposed yesterday, said that bond issues would not be deemed taxable mortgage pools if they meet three conditions. They must be issued by a state or political subdivision defined as such under tax-exempt bond rules. They must be issued for an essential governmental function. And the loans or other assets underlying the bonds cannot be sold while the bonds are still outstanding.

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