Attorney Harold Bucholtz said the Internal Revenue Service's recent ruling on a management contract between a bond issuer and a hotel manager is significant but its impact could be only temporary.
"As helpful as the private letter ruling is, there's a good chance it will be effectively superseded by new guidelines in the near future," Mr. Bucholtz said. "I think everyone agrees that one ruling at a time isn't the answer – something more generalized is most likely coming out."
READ: IRS Ruling on Hotel Management Contract Shows Leniency (subscription required)
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