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Q: tax code ( Answered,   0 Comments )
Question  
Subject: tax code
Category: Business and Money > Accounting
Asked by: fizzleclizze-ga
List Price: $10.00
Posted: 30 Mar 2005 08:44 PST
Expires: 29 Apr 2005 09:44 PDT
Question ID: 502687
out of the following information what part of this is the code
section?  i must be able to identify the code secton that makes a
municipal bond tax exempt and this is what i found:  SEC. 103.
INTEREST ON STATE AND LOCAL BONDS.  --History notes applicable to
entire section.


l 1986, Tax Reform Act of 1986 (P.L. 99-514)


P.L. 99-514, 1301(a):
Amended Code Sec. 103. Effective for bonds issued after 8-15-86. See,
however, the special rules provided in Act Secs. 1312-1317, below.
Prior to amendment, Code Sec. 103 read as follows:

SEC. 103. INTEREST ON CERTAIN GOVERNMENTAL OBLIGATIONS.

[Sec. 103(a)]

(a) GENERAL RULE. --Gross income does not include interest on --

(1) the obligations of a State, a Territory, or a possession of the
United States, or any political subdivision of any of the foregoing,
or of the District of Columbia; and

(2) qualified scholarship funding bonds.
Answer  
Subject: Re: tax code
Answered By: taxmama-ga on 04 Apr 2005 07:30 PDT
 
Well done, Fizzled,

The answer is Internal Revenue Code Section 103(a)
or IRC 103(a)  or Sec. 103(a) or IRC 103(a) or 103(a) 
depending on how your instructor wants the citation. 
All are correct.

And just for the fun of it...more notes on Sec. 103
http://www.irs.gov/taxexemptbond/article/0,,id=134366,00.html

Best wishes,

Your TaxMama-ga
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