1995-01-09 Regular Meeting - Laserfiche WebLink

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~ • alternative minimum taxable income for purposes of determining the alternative minimum tax imposed on corporations by section 55 of the Code and for purposes of the environmental tax imposed on corporations by section 59A of the Code. OWNERS OF THE NOTE SHOULD BE AWARE that the ownership of tax-exempt obligations may result in collateral federal income tax consequences to owners which are financial institutions, life insurance and property and casualty insurance companies, certtin S corporations with Subchapter C earnings and profits, individual recipients of Social Security or Railroad Retirement benefits, and taxpayers who may be deemed to have incurred or continued indebtedness to purchase or carry tax-exempt obligations. In addition, certain foreign corporations doing business in the United States may be subject to the "branch profits tax" on their effectively-connected earnings and profits (including tax-exempt interest such as interest on the Note). EXCEPT AS STATED ABOVE, we express no opinion as to any other federal, state, or local income tax consequences of acquiring, carrying, owning, or disposing of the Note. . Respectfully submitted, Page 2 of 2 pages