Purpose Investment
Investment property acquired to carry out the purpose of a governmental program for which the bonds are issued (i.e., conduit loans, mortgage notes, mortgage-backed securities and student loan obligations).
bond-basics
Program Investment
Purpose Investments that meet certain rules set forth in Treasury Regulations Section 1.148-1(b).
See Also
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Hundreds of Terms and Concepts
Rebate
A requirement imposed under the Code to pay to the Internal Revenue Service an amount equal to the arbitrage earned on tax-exempt bonds.