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Whether or not there is cancellation-of-indebtedness income can sometimes be ambiguous and controversial. In Commissioner v. Rail Joint Co., [11] a corporation issued its own bonds as a dividend to its shareholders. When the bonds declined in value, Rail Joint repurchased them for less than their face amount.
A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation.
The approval of a $28.5 million bond issue by county voters in 1971 allowed the authority to purchase 4,400 acres of land over the next five years, adding 39 parks to the system and increasing its total holdings to 10,200 acres by 1976. [14]
Key takeaways. You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a ...
Safety: U.S. savings bonds are issued directly by the Treasury and backed by the U.S. government. Taxes: Only federal income tax applies to savings bonds, not state or local taxes (unless your ...
Parks Sustainable Funding, a nonprofit, wants voters to decide Nov. 5 if the city should add another tax to support capital improvements in city parks. Lexington’s parks need $8 million a year ...
State parks of Virginia — operated by the Virginia Department of Conservation and Recreation. Pages in category "State parks of Virginia" The following 49 pages are in this category, out of 49 total.
The largest chunk of the parks bond, $300 million, would go to a sports and recreation center with a community center and senior center. It would connect to the proposed Walnut Creek Greenway from ...