IRS official says some BABs will be audited

Steve Chamberlin, senior manager of compliance and management at the Internal Revenue Service's office of tax-exempt bonds, said the agency plans to audit issues of Build America Bonds to ensure they comply with the tax requirement on issue price. "We will be sending out examinations, and we will be sending out [information-document requests] to specifically inquire about compliance with this requirement," Chamberlin said. The IRS has not decided how it will select BABs for audit, he said.

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