Code (Internal Revenue)
The Internal Revenue Code of 1986, as amended and in effect on the date of issuance of the bonds.
Includes sale proceeds, investment proceeds, transferred proceeds (which, together with sale and investment proceeds equal the “proceeds” of the Bonds) and replacement proceeds, all of which are defined in the Code.
The Internal Revenue Code of 1986, as amended and in effect on the date of issuance of the bonds.
One of the tests used in establishing whether a bond is a private activity bond (PAB) for tax purposes. The private loan financing test specifically determines whether more than $5 million or 5% of the proceeds of a bond issuer are used to directly or indirectly finance loans to one or more non-governmental persons.