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Introduction›Part III. Administrative, Procedural, and Miscellaneous

SECTION 1. PURPOSE

Internal Revenue Bulletin 1996-32 · 2026-10-03 edition · updated 2026-10-04 · United States

This revenue procedure applies to an issuer of state or local bonds that has used the proceeds of state or local bonds sold prior to July 19, 1996, to pay more than fair market value for nonpurpose investments deposited into an advance refunding escrow. It provides a program under which an issuer may request a closing agreement pursuant to which the purchase of those investments alone will not be sufficient to cause §§ 103(b)(2) and 148 of the Internal Revenue Code to apply to those bonds.

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▸Contents — Internal Revenue Bulletin 1996-32
Internal Revenue Bulletin 1996-32

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