31 CFR 316.9 - Taxation.

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There is 1 rule appearing in the Federal Register for 31 CFR 316. View below or at eCFR (GPOAccess)
§ 316.9 Taxation.
(a) General. For the purpose of determining taxes and tax exemptions, the increment in value represented by the difference between the price paid for Series E bonds and the redemption value received therefor constitutes interest. Such interest is subject to all taxes imposed under the Internal Revenue Code of 1986, as amended. The bonds are subject to estate, inheritance, gift, or other excise taxes, whether Federal or State, but are exempt from all other taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possesions of the United States, or by any local taxing authority.
(b) Federal income tax on bonds. An owner of Series E bonds who is a cash-basis taxpayer may use either of the following two methods of reporting the increase in the redemption value of the bonds for Federal income tax purposes:
(1) Defer reporting the increase to the year of final maturity, actual redemption, or other disposition, whichever is earlier; or
(2) Elect to report the increases each year as they accrue, in which case the election applies to all Series E bonds then owned and those subsequently acquired, as well as to any other similar obligations purchased on a discount basis. If the method in paragraph (b)(1) of this section is used, the taxpayer may change to the method in paragraph (b)(2) of this section without obtaining permission from the Internal Revenue Service. However, once the election to use the method in paragraph (b)(2) of this section is made, the taxpayer may not change the method of reporting without permission from the Internal Revenue Service. For further information on Federal income taxes, the Service Center Director, or District Director, Internal Revenue Service, of the taxpayer's district may be contacted.

Title 31 published on 2013-07-01

The following are only the Rules published in the Federal Register after the published date of Title 31.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2013-10-02; vol. 78 # 191 - Wednesday, October 2, 2013
    1. 78 FR 60695 - Regulatory Reorganization; Administrative Changes to Regulations Due to the Consolidation of the Financial Management Service and the Bureau of the Public Debt Into the Bureau of the Fiscal Service
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Fiscal Service, Bureau of the Fiscal Service
      Final rule.
      This rule is effective on October 2, 2013.
      31 CFR Chapter II, Parts 202-391

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United States Code
U.S. Code: Title 31 - MONEY AND FINANCE

Title 31 published on 2013-07-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 31 CFR 316 after this date.

  • 2013-10-02; vol. 78 # 191 - Wednesday, October 2, 2013
    1. 78 FR 60695 - Regulatory Reorganization; Administrative Changes to Regulations Due to the Consolidation of the Financial Management Service and the Bureau of the Public Debt Into the Bureau of the Fiscal Service
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Fiscal Service, Bureau of the Fiscal Service
      Final rule.
      This rule is effective on October 2, 2013.
      31 CFR Chapter II, Parts 202-391