10 percent

(iv)For purposes of clause (i), the term “private activity bond” shall not include any refunding bond (whether a current or advance refunding) if the refunded bond (or in the case of a series of refundings, the original bond) was issued before. (v)For purposes of this subparagraph, a bond issued before, shall be treated as issued before, unless such bond would be a private activity bond if— (I)paragraphs (1) and (2) ofwere applied by substituting “25 percent” for “10 percent” each place it appears, (II)paragraphs (3), (4), and (5) ofdid not apply, and (III)subparagraph (B) ofdid not apply. (vi)


26 USC § 57(a)(5)(C)(iv)

Scoping language

For purposes of this part
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