Final IRS regulations on the definition of issue price for tax-exempt bonds responded to the majority of practitioner concerns, including the need for a more workable rule for competitive sales.

"These regulations address the vast majority of the issues” that were raised by bond attorneys, said Linda B. Schakel, a partner at Ballard Spahr LLP who worked on the National Association of Bond Lawyers letter in response to the 2015 proposed rules.

Bond attorneys who spoke with BNA said the final regulations are a step in the right direction in providing clarity on issue price, but that there may be some challenging technical aspects. Overall, they felt the IRS and Treasury Department were being responsive to the industry’s concerns.

The preamble to the proposed regulations included "suggestions about cases in which issuers should retain records, but we couldn’t quite figure out what kinds of records those might be based on the current systems of information and being able to print things out," she said. "That’s probably going to be an evolving field. As machines get better, information gets better."

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