WASHINGTON -- Municipal market participants cannot decide whether the Treasury and the Internal Revenue Service are playing Santa or Scrooge in pushing to simultaneously issue four major sets of rules before the end of the year.

On one hand, members of the bond community are anxious to see the details of the new rules, which will cover allocation and accounting for arbitrage purposes, refundings and transferred proceeds, the two-year rebate relief law, and reimbursement bonds.

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