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)

Related Stories:
Per capita payments under tribal, federal scrutiny (09/26)
IRS audits Morongo Band over tax-free bonds (08/26)
IRS taking yet another stab at Indian Country (08/03)
IRS changes policy on Native corporation dividends (06/16)
Cabazon Band to challenge IRS over tax-exempt bonds (04/14)
IRS rules against second tribe in tax bond dispute (4/13)
IRS cites problems with use of tribal gaming revenues (04/06)
Cities under scrutiny as IRS probes tribal tax bonds (03/15)
IRS claims casinos, hotels not governmental projects (01/20)