Amortization of premiums on securities held - 15 Pa. Cons. Stat. § 5588
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Pennsylvania Statutes
§ 5588. Amortization of premiums on securities held.
If a bond or other obligation for the payment of money is
acquired as an investment for any common trust fund at a cost in
excess of the par or maturity value thereof, the nonprofit
corporation may, during (but not beyond) the period that such
obligation is held as an investment in such fund, amortize such
excess cost out of the income on such obligation, by deducting
from each payment of income and adding to principal an amount
equal to the sum obtained by dividing such excess cost by the
number of periodic payments of income to accrue on such
obligation from the date of such acquisition until its maturity
date.
Section: 5550 5551 5552 5553 5585 5586 5587 5588 5589 5701 5702 5703 5704 5705 5706
Last modified: November 27, 2007
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