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ICT: Seminole Tribe to avoid bond fight with IRS

The Seminole Tribe of Florida will avoid a showdown with the Internal Revenue Service over tax-exempt bonds, Indian Country Today reports.

The tribe issued $430 million in tax-exempt bonds to finance its gaming and gaming-related enterprises. But the IRS has challenged whether gaming projects qualify as "essential" government activities and has hit tribes with negative rulings.

The Seminoles will be able to avoid a fight by retiring the $430 million and issuing about $730 million in new bonds, ICT reports.

Get the Story:
Seminole dodge IRS fight over conduit tax-exempts (Indian Country Today 10/11)

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