nonpurpose investment

(A)The term “nonpurpose investment” means any investment property which— (i)is acquired with the gross proceeds of an issue, and (ii)is not acquired in order to carry out the governmental purpose of the issue. (B)Except as otherwise provided by the Secretary, the gross proceeds of an issue include— (i)amounts received (including repayments of principal) as a result of investing the original proceeds of the issue, and (ii)amounts to be used to pay debt service on the issue.

Source

26 USC § 148(f)(6)(A)


Scoping language

None: Default is title Scope
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