- 3 - reflecting such an intent", we should conclude that, without such technical amendment, the language in the body of the General Explanation ought not to be taken into account. We were of the view, however, that petitioner's argument was far too speculative to merit consideration and consequently saw no need to refer to the language in the body of the General Explanation or the footnote because other materials which we discussed in our prior opinion furnished more than an adequate foundation for our conclusion. In its motion for reconsideration, petitioner sets forth its new discovery, namely that Congress in enacting the Technical and Miscellaneous Revenue Act of 1988 (TAMRA 1988), Pub. L. 100-647, sec. 1013(d), 102 Stat. 3342, 3548, included the following addition as section 1314(h) of the Tax Reform Act of 1986: (h) Arbitrage Restriction on Investments in Investment-Type Property.--In the case of a bond issued before August 16, 1986 (September 1, 1986 in the case of a bond described in section 1312(c)(2)), section 103(c) of the 1954 Code shall be applied by treating the reference to securities in paragraph (2) thereof as including a reference to investment-type property but only for purposes of determining whether any bond issued after October 16, 1987, to advance refund such bond (or a bond which is part of a series of refundings of such bond) is an arbitrage bond (within the meaning of section 148(a) of the 1986 Code). Petitioner asserts that this provision requires us to determine the tax-exempt status of the bond issue involved herein under the 1954 Code and not the 1986 Code, which came into beingPage: Previous 1 2 3 4 5 Next
Last modified: May 25, 2011