Description of H.R. 5454 (The Technical Corrections Act of 1990) Jcx-25-90
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In our eReader you can find the full English version of the book. Read Description of H.R. 5454 (The Technical Corrections Act of 1990) Jcx-25-90 Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Description of H.R. 5454 (The Technical Corrections Act of 1990) Jcx-25-90
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7652 of the 1989 Act, and sec.
148 of the Code) Present Law In general Interest on State and local government bonds generally is excluded from gross income of the holder thereof (sec.
103). Interest on arbitrage bonds is taxable. In general, a bond is an arbitrage bond if more than a minor portion of the proceeds is invested at a yield materially higher than the yield on the issue of which the bond is a part. An exception to this yield restriction requirement is provided for certain temporary i...nvestments.
In addition to the yield restriction requirement, arbitrage earned on investments unrelated to the governmental purpose for the bonds ("nonpurpose arbitrage") generally must be rebated to the Federal Government. Nonpurpose arbitrage (other than arbitrage on a reasonably required reserve or replacement fund or a debt service fund) is not required to be rebated if all gross proceeds of an issue (other than such reserve and debt service funds) are spent for the purpose of the borrowing within 6 months after the bonds are issued (the "6-month exception").
What to read after Description of H.R. 5454 (The Technical Corrections Act of 1990) Jcx-25-90?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. Joint Committee On Taxation to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
7652 of the 1989 Act, and sec.
148 of the Code) Present Law In general Interest on State and local government bonds generally is excluded from gross income of the holder thereof (sec.
103). Interest on arbitrage bonds is taxable. In general, a bond is an arbitrage bond if more than a minor portion of the proceeds is invested at a yield materially higher than the yield on the issue of which the bond is a part. An exception to this yield restriction requirement is provided for certain temporary i...nvestments.
In addition to the yield restriction requirement, arbitrage earned on investments unrelated to the governmental purpose for the bonds ("nonpurpose arbitrage") generally must be rebated to the Federal Government. Nonpurpose arbitrage (other than arbitrage on a reasonably required reserve or replacement fund or a debt service fund) is not required to be rebated if all gross proceeds of an issue (other than such reserve and debt service funds) are spent for the purpose of the borrowing within 6 months after the bonds are issued (the "6-month exception").
What to read after Description of H.R. 5454 (The Technical Corrections Act of 1990) Jcx-25-90?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. Joint Committee On Taxation to read onlineMoreLess
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