EO - Effect on Tax Exempt Bonds

Revocation of an organization’s IRC 501(c)(3) status will result in the loss of the exclusion from gross income under IRC 103 for interest payments on tax-exempt obligations issued under IRC 145 as “qualified 501(c)(3) bonds.” The loss of such exclusion is effective back to the date of issuance of the IRC 501(c)(3) obligations.

Determine whether the organization is the beneficiary of outstanding tax-exempt obligations under IRC 145 at the time of revocation.