Tax-exempt Obligation Law and Legal Definition
According to 26 USCS § 1275 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter P. Capital Gains and Losses; Part V. Special Rules for Bonds and Other Debt Instruments; Subpart A. Original Issue Discount], tax-exempt obligation means “any obligation if--
(A) the interest on such obligation is not includible in gross income under 26 USCS § 103, or
(B) the interest on such obligation is exempt from tax (without regard to the identity of the holder) under any other provision of law.
Legal Definition list
Related Legal Terms
- Alternative Obligation
- Bargaining Obligation Dispute [Administrative Personnel]
- Collateralized Mortgage Obligation
- Covered Clearing Obligation
- Covered Contractual Payment Obligation
- Delictal Obligations
- Direct Loan Obligation
- Doctrine of Obligation
- Domestic Support Obligation ( Bankruptcy)
- Eligible Obligation
