§ 1.148-10A - Anti-abuse rules and authority of Commissioner.

§ 1.148-10A Anti-abuse rules and authority of Commissioner.

(a) through (b)

(1) [Reserved]. For guidance see § 1.148-10.

(b) (2) Application. The provisions of § 1.148-10(b) only apply to the portion of an issue that, as a result of actions taken (or actions not taken) after the issue date, overburdens the market for tax-exempt bonds, except that for an issue that is reasonably expected as of the issue date to overburden the market, those provisions apply to all of the gross proceeds of the issue.

(c) through (c)(2)(viii) [Reserved]. For guidance see § 1.148-10.

(c) (2)(ix) For purposes of § 1.148-10(c)(2), excess gross proceeds do not include gross proceeds allocable to fees for a qualified hedge for the refunding issue.

[T.D. 8538, 59 FR 24046, May 10, 1994. Redesignated by T.D. 8718, 62 FR 25507, May 9, 1997]