Florida `Dirt Bonds' Are Subject of Inquiry by IRS in Muni-Debt Probe

"The IRS is auditing so-called dirt bonds sold in 2007 by the Stoneybrook South Community Development District, a special entity set up to finance infrastructure for a development by a unit of Lennar Corp. and a Florida partner, according to bond filings. The securities, backed by assessments on property owners, defaulted amid the real-estate crash."