Prior to the Tax Reform Act of 1986, one of the longest sections in the Internal Revenue Code was Section 103, which contained the federal tax requirements for bonds to bear tax-exempt interest. As Section 103 became more complicated, a few tax lawyers concentrating in the area became known as "103 lawyers." When Congress made the law even more complicated in 1986, but also broke Section 103 into many parts (Sections 103 and 141-150), 103 lawyers continued to be called 103 lawyers-but now got to concentrate on more than one tax code section!

At the Law Office of Perry Israel (aka "103law.com"), most of what I do is related to the federal tax laws concerning tax-exempt bonds.

Law Firms. I work with a number of law firms and sole practitioners around the country that act as bond counsel, providing advice and sometimes special tax counsel opinions relating to particular bond issues. In addition, I work with a number of law firms that do not act as bond counsel, but that have questions relating to tax-exempt bonds, such as in the context of securitizing previously issued bonds, advising clients that are beneficiaries of tax-exempt bonds, or post-issuance financial matters, like hedges.

Issuers and Conduit Borrowers. I also work directly with issuers or conduit borrowers to help them with post-issuance matters. These include Internal Revenue Service examinations, establishing systems to keep track of bond-financed facilities and private use of those facilities, and rebate advice. I also work with issuers and conduit borrowers on change in use and remediation, as well as IRS Voluntary Closing Agreement negotiations.

Investment bankers and financial advisors. Investment bankers and financing advisors are also among my clients. I have extensive experience in working with bankers to develop unique solutions for client problems in the tax-exempt bond area.