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NABL President Antonio D. Martini Takes Office

Antonio D. Martini (Tony) was elected as NABL’s 36th President during the 2014 Annual Meeting on Wednesday, September 17, in conjunction with the 39th Annual Bond Attorneys' Workshop in Chicago, IL.  A partner in Edwards Wildman Palmer's Boston, MA office, Tony leads his firm's public finance tax practice.  Tony joined NABL’s Board of Directors in 2010 and has been a regular speaker and panelist on federal tax law issues at numerous NABL seminars.  He served  as Chair of NABL's 2005 Fundamentals of Municipal Bond Law seminar and the 2008 Tax and Securities Law Institute. To learn more about NABL’s 36th  President Tony Martini click here.  To read his full address to the membership and his plans for 2015, please click here.


NABL has submitted comments to the Treasury and the IRS regarding treating a partnership of private businesses and governmental persons (or section 501(c)(3) organizations for qualified 501(c)(3) bonds) as an aggregate of its partners where there is a fixed allocation of all partnership items for the entire measurement period for the bonds or the entire period that the person is a partner.  NABL believes that the policies of I.R.C. §§ 141 and 145 are not in any way impaired by permitting aggregate treatment of public-private partnerships in cases where the attributes of ownership in the partnership are fixed for at least as long as any tax-advantaged bonds will remain outstanding.  The comments were prepared by an ad hoc task force led by Matthias  Edrich of Greenberg Traurig and approved by NABL’s Board of Directors.  These comments supplement NABL’s submissions to the Department of the Treasury and the Internal Revenue Service on December 22, 2006, and February 15, 2008, relating to the proposed allocation and accounting regulations published in the Internal Revenue Bulletin on October 30, 2006 (REG-140379-02; REG-142599-02). To view the September 17, 2014 comments, click here.


On Tuesday, August 26, NABL released The 501(c)(3) Opinion in Qualified 501(c)(3) Bond Transactions.  This paper fills a gap in the published commentary on legal opinions typically rendered by borrower’s counsel and relied upon by bond counsel in qualified 501(c)(3) bond transactions as to the status of the borrower as an organization described in Section 501(c)(3) of the Internal Revenue Code.  The paper is an educational resource regarding the 501(c)(3) opinion, presenting the background of qualified 501(c)(3) bond transactions and requirements for Section 501(c)(3) organizations in general, discussing the purpose and common formulations of the 501(c)(3) opinion, and providing commentary regarding the opinion language and due diligence that may be undertaken by counsel rendering and relying upon the 501(c)(3) opinion.  It was prepared by a special NABL committee chaired by E. Tyler Smith of Haynsworth Sinkler Boyd, P.A.

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