Tax-exempt bonds finance the majority of the nation’s infrastructure. The interest payments on tax-exempt bonds are exempt from federal income tax if certain federal tax requirements are met. Interest on bonds will not be tax-exempt if the bonds are arbitrage bonds. This book explains the complex federal tax rules that are applicable to tax-exempt bonds and the limits on when and how much arbitrage can be earned and retained by an issuer.
Kimberly Betterton focuses on federal tax laws and regulations involving tax-exempt bonds and exempt organizations. Ms. Betterton works on numerous types of tax-favored transactions, including governmental, conduit 501(c)(3), exempt facility, single-family housing, and small-issue manufacturing. She advises clients regarding the original issuance of obligations, the many post-issuance compliance responsibilities, and Internal Revenue Service audits. Ms. Betterton is a graduate of University of Pennsylvania (BA) and William & Mary Law School (JD). Vicky Tsilas is a special counsel in the Internal Revenue Service, Office of the Chief Counsel, Financial Institutions and Products (FIP) Division, and currently serves as acting deputy chief counsel of that Division. Prior to that she was a partner at Ballard Spahr LLP. She also was the subject matter expert in tax-exempt bonds in the Office of Tax Policy of the Department of Treasury. From 1997 to 1999, she was an attorney-advisor for the Honorable Laurence J. Whalen of the U.S. Tax Court. She is a graduate of Bryn Mawr College (BA), Fordham University Law School (JD), and Georgetown University Law School (LLM, taxation).
