Reg. § 1.149(b)-1 Federally guaranteed bonds.
(a) General rule Under section and this section, nothing in section or in any other provision of law shall be construed to provide an exemption from Federal income tax for interest on any bond issued as part of an issue that is federally guaranteed.
(b) Exceptions Pursuant to section , section and of this section do not apply to—
(1) Investments in obligations issued pursuant to § 21B(d)(3) of the Federal Home Loan Bank Act, as amended by § 511 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, or any successor provision; or
(2) Any investments that are held in a refunding escrow (as defined in ).
(c) Effective date This section applies to investments made after June 30, 1993.
[T.D. 8476, 58 FR 33548, June 18, 1993]