- 19 - “returned as income”, and petitioner was not subject to tax on account of the accrued interest. It follows that under section 1.166-6(a)(2), Income Tax Regs., petitioner may not increase its regular adjusted cost basis on account of interest which accrued when it was tax exempt. An appropriate order will be issued.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Last modified: May 25, 2011