- 13 - We hold that the tax certificates issued by Pasco County to petitioner are not covered by section 1.103-1(b), Income Tax Regs., to any extent. We reaffirm that they are not obligations of a political subdivision for purposes of section 103. Accordingly, none of the interest earned on the Pasco County tax certificates, whether attributable to special assessments or to ad valorem property taxes, is exempt from Federal income tax under section 103. For the reasons stated, we decline to alter the result reached in our opinion reported at Hernandez v. Commissioner, T.C. Memo. 1998-46. To reflect the foregoing, An appropriate order will be issued.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13
Last modified: May 25, 2011