Contributor: Saboohi A. Currim, City of Torrance
Link to the latest IRS revenue ruling regarding the FET
The ruling specifically addresses the issue of local government agencies and local taxing authority. I think it is a very welcome enhancement/ clarification to 2006-50. I had requested such a clarification from the IRS back in August 2006 and had received a letter to that effect in September 2006 However, this ruling incorporates the clarification formally.